Realty Income (NYSE:O) Reaches New 1-Year High - Here's Why

Key Points

• Realty Income hit a new 52-week high, trading as high as $66.31 on Tuesday with about 418,882 shares changing hands.
• Analysts are mixed: the consensus rating is Hold with an average price target of $63.21, though firms including Scotiabank, RBC and Barclays have recently raised targets or ratings.
• The company paid a monthly dividend of $0.27 (paid Feb. 13), implying a 4.9% yield while reporting a dividend payout ratio of about 300%.

Realty Income Corporation (NYSE:O - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $66.31 and last traded at $66.1650, with a volume of 418882 shares trading hands. The stock had previously closed at $65.66.

Analysts Set New Price Targets

O has been the topic of several research analyst reports. Scotiabank upgraded shares of Realty Income from a "sector perform" rating to a "sector outperform" rating and boosted their price target for the company from $60.00 to $67.00 in a report on Friday, January 30th. Wall Street Zen cut Realty Income from a "hold" rating to a "sell" rating in a research report on Tuesday, February 3rd. Royal Bank Of Canada upped their target price on Realty Income from $60.00 to $61.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 4th. Mizuho reduced their price target on Realty Income from $63.00 to $60.00 and set a "neutral" rating for the company in a report on Wednesday, December 17th. Finally, Barclays boosted their price target on Realty Income from $63.00 to $64.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 3rd. Five equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $63.21.

Realty Income Stock Performance

The stock has a 50 day moving average of $59.59 and a 200 day moving average of $58.87. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.72. The firm has a market cap of $61.00 billion, a price-to-earnings ratio of 61.41, a P/E/G ratio of 3.88 and a beta of 0.79.

Realty Income Announces Dividend

The company also recently declared a monthly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a dividend of $0.27 per share. The ex-dividend date was Friday, January 30th. This represents a c) annualized dividend and a dividend yield of 4.9%. Realty Income's dividend payout ratio (DPR) is currently 300.00%.

Hedge Funds Weigh In On Realty Income

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new stake in shares of Realty Income in the second quarter worth $676,500,000. Vanguard Group Inc. increased its stake in shares of Realty Income by 2.5% in the second quarter. Vanguard Group Inc. now owns 146,136,211 shares of the real estate investment trust's stock valued at $8,418,907,000 after buying an additional 3,624,852 shares during the period. Morgan Stanley raised its position in shares of Realty Income by 21.6% during the fourth quarter. Morgan Stanley now owns 18,291,294 shares of the real estate investment trust's stock worth $1,031,080,000 after acquiring an additional 3,252,091 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Realty Income by 8.3% during the second quarter. Geode Capital Management LLC now owns 26,979,134 shares of the real estate investment trust's stock worth $1,548,687,000 after acquiring an additional 2,058,031 shares during the last quarter. Finally, Schroder Investment Management Group lifted its stake in shares of Realty Income by 420.0% in the second quarter. Schroder Investment Management Group now owns 2,139,550 shares of the real estate investment trust's stock worth $123,259,000 after acquiring an additional 1,728,082 shares during the period. Institutional investors own 70.81% of the company's stock.

About Realty Income

Realty Income Corporation NYSE: O is a real estate investment trust (REIT) that acquires, owns and manages commercial properties subject primarily to long-term net lease agreements. The company's business model focuses on generating predictable, contractual rental income by leasing properties to tenants under agreements that typically place responsibility for taxes, insurance and maintenance on the tenant. Realty Income is publicly traded on the New York Stock Exchange and markets itself as a reliable income-oriented REIT.

Realty Income's portfolio is concentrated in single-tenant, retail and service-oriented properties such as drugstores, convenience stores, dollar and discount retailers, restaurants, and other essential-service businesses.

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