Realty Income Rewards Shareholders With Dividend Hike

Realty Income Corporation (O), the real estate investment trust (REIT) known primarily for its dividend payouts, hiked its monthly dividend to $0.2355 per share from $0.235. It will be paid on July 15, 2021 to shareholders of record as of July 1, 2021.

The company’s annual dividend of $2.826 per share now reflects a dividend yield of 4.1%, based on Wednesday’s closing price of $68.57.

Following the news release, shares of the company declined 1.67% in yesterday’s trading session. However, it regained some ground modestly in the extended trading session.

Sumit Roy, CEO Realty Income said, “We remain committed to our company’s mission of paying dependable monthly dividends to our shareholders that increase over time. Our Board of Directors has once again determined that we are able to increase the amount of the monthly dividend to our shareholders, marking the 111th increase since our company’s public listing in 1994. With the payment of the July dividend, we will have made 612 consecutive monthly dividend payments throughout our 52-year operating history.” (See Realty Income stock chart on TipRanks)

Recently, Mizuho Securities analyst Haendel St. Juste upgraded the stock with a Buy rating and price target of $77 (12.49% upside potential).

According to the analyst, low interest rate regime, recognition of due rents, and synergies related to mergers are likely to aid earnings in 2022. The Street is cautiously optimistic on the stock with a Moderate Buy consensus rating based on 4 Buys and 4 Holds. The average analyst Realty Income price target of $74 implies 8.1% upside potential from current levels. Shares have gained 8.6% over the past year.

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