Realty Income raises monthly cash dividend to $0.2570

Realty Income Corporation (NYSE: O) has announced an increase in its common stock monthly cash dividend to $0.2570 per share from $0.2565 per share.

The dividend will be paid on April 15th to shareholders of record as of the close of business on April 1st 2024, the company said.

“We remain dedicated to Realty Income’s mission of providing stockholders with a dependable monthly dividend that increases over time,” Sumit Roy, President and Chief Executive Officer of Realty Income Corp, said in a press release.

“This is the 106th consecutive quarter that we have declared a dividend increase since our 1994 NYSE listing and today’s declaration represents the 645th consecutive monthly dividend throughout our 55-year operating history.”

Stock Performance

The shares of Realty Income Corporation (O) closed 1.03% ($0.53) higher at $52.19 in New York on Friday, as they snapped a three-day streak of losses.

The company’s total market cap now stands at $44.942 billion.

The shares of Realty Income Corporation (O) went down 9.47% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).

The company’s shares have retreated 9.11% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 4 out of 8 surveyed investment analysts had rated Realty Income Corp’s stock as “Hold”, while other 4 – as “Buy”. The median price target on the stock stands at $60.38, which translates into a 15.69% upside compared to the closing price on Friday.

The high point of the analyst forecast range stands at $66.00.