State of New Jersey Common Pension Fund D Sells 29,435 Shares of Realty Income Corporation (NYSE:O)

Key Points

• The State of New Jersey Common Pension Fund D sold 29,435 shares of Realty Income Corporation, reducing its stake by 9.6% to a total of 276,641 shares, valued at approximately $16.0 million.
• Realty Income recently announced an increase in its monthly dividend to $0.269 per share, representing a dividend yield of 5.5%, with a payout ratio of 313.59%.
• Analysts maintain a "Hold" consensus rating on Realty Income, with an average price target of $61.73, reflecting mixed sentiments following a drop in target prices from some major financial institutions.

State of New Jersey Common Pension Fund D decreased its stake in Realty Income Corporation (NYSE:O - Free Report) by 9.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 276,641 shares of the real estate investment trust's stock after selling 29,435 shares during the period. State of New Jersey Common Pension Fund D's holdings in Realty Income were worth $16,048,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in O. Nations Financial Group Inc. IA ADV grew its holdings in shares of Realty Income by 2.4% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 10,872 shares of the real estate investment trust's stock valued at $631,000 after purchasing an additional 257 shares during the last quarter. Ethic Inc. grew its holdings in shares of Realty Income by 13.4% during the 1st quarter. Ethic Inc. now owns 106,275 shares of the real estate investment trust's stock valued at $6,074,000 after purchasing an additional 12,519 shares during the last quarter. Measured Risk Portfolios Inc. grew its holdings in shares of Realty Income by 4.7% during the 1st quarter. Measured Risk Portfolios Inc. now owns 40,775 shares of the real estate investment trust's stock valued at $2,365,000 after purchasing an additional 1,837 shares during the last quarter. Aberdeen Group plc grew its holdings in shares of Realty Income by 25.7% during the 1st quarter. Aberdeen Group plc now owns 1,326,779 shares of the real estate investment trust's stock valued at $76,469,000 after purchasing an additional 271,118 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Realty Income by 3.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,108,561 shares of the real estate investment trust's stock valued at $702,381,000 after purchasing an additional 451,307 shares during the last quarter. Institutional investors own 70.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Realty Income from $64.00 to $61.00 and set a "neutral" rating on the stock in a report on Monday, May 5th. Wedbush reaffirmed a "neutral" rating and set a $61.00 target price on shares of Realty Income in a report on Wednesday, May 7th. Wolfe Research lowered shares of Realty Income from an "outperform" rating to a "peer perform" rating in a report on Monday, July 14th. Barclays reissued an "overweight" rating on shares of Realty Income in a report on Tuesday, April 22nd. Finally, Stifel Nicolaus raised their price target on shares of Realty Income from $65.50 to $68.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $61.73.

Realty Income Trading Up 1.0%

Shares of O opened at $58.40 on Friday. The firm's 50-day moving average price is $57.39 and its 200-day moving average price is $56.55. The firm has a market capitalization of $53.40 billion, a price-to-earnings ratio of 56.70, a PEG ratio of 4.47 and a beta of 0.76. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.72. Realty Income Corporation has a 1-year low of $50.71 and a 1-year high of $64.88.

Realty Income (NYSE:O - Get Free Report) last announced its earnings results on Wednesday, August 6th. The real estate investment trust reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.01). The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. Realty Income had a net margin of 16.77% and a return on equity of 2.34%. The company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 EPS. Sell-side analysts anticipate that Realty Income Corporation will post 4.19 EPS for the current year.

Realty Income Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.269 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from Realty Income's previous monthly dividend of $0.26. Realty Income's payout ratio is presently 313.59%.

About Realty Income

Realty Income, The Monthly Dividend Company, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a real estate investment trust ("REIT"), and its monthly dividends are supported by the cash flow from over 15,450 real estate properties (including properties acquired in the Spirit merger in January 2024) primarily owned under long-term net lease agreements with commercial clients.

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