Real estate company Realty Income Corporation (O), which is known primarily for its dividend payouts, has hiked its monthly dividend by 5.1% to $0.246 per share from $0.236 per share. The dividend will be paid on December 15, 2021, to shareholders of record as of December 1, 2021.
The company’s annual dividend of $2.952 per share now reflects a dividend yield of 4.1% based on Tuesday’s closing price of $71.41. Notably, the latest hike marks the 113th dividend hike since Realty Income’s listing in 1994. (See Realty Income stock chart on TipRanks)
The President and CEO of Realty Income, Sumit Roy, said, “We remain committed to our company’s mission to invest in people and places to deliver dependable monthly dividends that increase over time. With the payment of the December dividend, shareholders will realize a 5.1% increase in the amount of the dividend as compared to the same month in 2020.”
Recently, RBC Capital analyst Brad Heffern maintained a Buy rating on Realty Income and raised the price target to $80 from $79 (upside potential of 12%).
Consensus among analysts is a Moderate Buy based on 3 Buys and 2 Holds. The average Realty Income price target stands at $77.75 and implies upside potential of 8.9% to current levels.
According to the TipRanks’ Smart Score rating system, Realty Income gets a 7 out of 10, which indicates that the stock is likely to perform in line with market averages. (See Top Smart Score Stocks on TipRanks)