State of Michigan Retirement System Acquires 29,700 Shares of Realty Income Co. (NYSE:O)

State of Michigan Retirement System raised its stake in Realty Income Co. (NYSE:O) by 15.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 227,848 shares of the real estate investment trust’s stock after acquiring an additional 29,700 shares during the quarter. State of Michigan Retirement System’s holdings in Realty Income were worth $12,327,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. American National Bank bought a new position in Realty Income in the fourth quarter valued at about $25,000. Vima LLC bought a new position in Realty Income in the 4th quarter valued at approximately $25,000. Baystate Wealth Management LLC boosted its position in Realty Income by 62.7% during the 4th quarter. Baystate Wealth Management LLC now owns 493 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 190 shares during the period. CVA Family Office LLC bought a new stake in Realty Income during the 4th quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC acquired a new position in Realty Income in the 1st quarter valued at approximately $27,000. 70.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

O has been the topic of a number of recent research reports. Scotiabank lifted their price target on shares of Realty Income from $54.00 to $56.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. Mizuho lifted their target price on Realty Income from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, May 10th. UBS Group decreased their price target on Realty Income from $67.00 to $61.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Finally, KeyCorp initiated coverage on Realty Income in a research note on Wednesday, June 12th. They issued a “sector weight” rating on the stock. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $61.35.

Realty Income Trading Up 0.1 %

Shares of NYSE:O traded up $0.06 during mid-day trading on Tuesday, hitting $52.42. The company had a trading volume of 4,589,121 shares, compared to its average volume of 6,375,106. The company has a market capitalization of $45.65 billion, a PE ratio of 48.52, a price-to-earnings-growth ratio of 4.60 and a beta of 0.97. Realty Income Co. has a one year low of $45.03 and a one year high of $64.18. The firm has a fifty day moving average price of $53.61 and a 200 day moving average price of $54.07. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.83 and a quick ratio of 1.83.

Realty Income (NYSE:O) last posted its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.87). The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.15 billion. Realty Income had a net margin of 17.74% and a return on equity of 3.26%. The company’s revenue for the quarter was up 33.5% on a year-over-year basis. During the same period last year, the firm posted $0.98 earnings per share. As a group, research analysts forecast that Realty Income Co. will post 4.2 EPS for the current year.

Realty Income Increases Dividend

The company also recently declared a jul 24 dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be issued a $0.263 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a yield of 6%. This is a positive change from Realty Income’s previous jul 24 dividend of $0.26. Realty Income’s dividend payout ratio is presently 291.67%.

Insider Buying and Selling at Realty Income

In other Realty Income news, Director A. Larry Chapman sold 5,000 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $54.23, for a total transaction of $271,150.00. Following the transaction, the director now owns 6,257 shares in the company, valued at $339,317.11. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.10% of the company’s stock.

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.