Pitcairn Co. Cuts Position in Realty Income Co. (NYSE:O)

Pitcairn Co. lowered its position in shares of Realty Income Co. (NYSE:O) by 23.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,757 shares of the real estate investment trust’s stock after selling 1,163 shares during the period. Pitcairn Co.’s holdings in Realty Income were worth $238,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Parnassus Investments LLC grew its holdings in shares of Realty Income by 7.4% during the 3rd quarter. Parnassus Investments LLC now owns 24,448,225 shares of the real estate investment trust’s stock valued at $1,550,506,000 after purchasing an additional 1,676,293 shares during the last quarter. Legal & General Group Plc boosted its position in Realty Income by 4.5% during the second quarter. Legal & General Group Plc now owns 12,258,468 shares of the real estate investment trust’s stock valued at $647,492,000 after buying an additional 531,008 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Realty Income by 3.7% during the second quarter. Dimensional Fund Advisors LP now owns 11,682,105 shares of the real estate investment trust’s stock valued at $617,043,000 after buying an additional 413,865 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Realty Income by 5.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 9,729,229 shares of the real estate investment trust’s stock worth $617,028,000 after buying an additional 463,286 shares during the period. Finally, APG Asset Management US Inc. lifted its stake in shares of Realty Income by 3.1% in the 2nd quarter. APG Asset Management US Inc. now owns 8,680,325 shares of the real estate investment trust’s stock valued at $454,502,000 after acquiring an additional 265,000 shares during the last quarter. 70.81% of the stock is currently owned by hedge funds and other institutional investors.

Realty Income Stock Up 1.0 %

Shares of NYSE:O opened at $58.32 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.40 and a current ratio of 1.40. Realty Income Co. has a 52-week low of $50.65 and a 52-week high of $64.88. The firm has a market capitalization of $51.04 billion, a P/E ratio of 55.54, a P/E/G ratio of 4.04 and a beta of 0.99. The stock has a 50 day moving average price of $60.48 and a 200-day moving average price of $58.15.

Realty Income (NYSE:O) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $0.30 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.75). The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Realty Income had a net margin of 17.57% and a return on equity of 2.35%. The business’s quarterly revenue was up 28.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 EPS. As a group, equities research analysts anticipate that Realty Income Co. will post 4.19 EPS for the current fiscal year.

Realty Income Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.2635 per share. This is an increase from Realty Income’s previous monthly dividend of $0.24. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $3.16 dividend on an annualized basis and a dividend yield of 5.42%. Realty Income’s dividend payout ratio (DPR) is currently 300.96%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Royal Bank of Canada reduced their price target on Realty Income from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Morgan Stanley reiterated an “equal weight” rating and set a $62.00 price target on shares of Realty Income in a report on Tuesday, August 6th. Wells Fargo & Company reissued an “equal weight” rating and issued a $65.00 price target (up previously from $62.00) on shares of Realty Income in a report on Tuesday, October 1st. Stifel Nicolaus lowered their price objective on shares of Realty Income from $70.50 to $70.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Wedbush began coverage on Realty Income in a research note on Monday, August 19th. They issued a “neutral” rating and a $64.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $63.85.

Insider Activity

In other news, Director Mary Hogan Preusse sold 1,712 shares of Realty Income stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $62.58, for a total value of $107,136.96. Following the completion of the transaction, the director now owns 26,579 shares of the company’s stock, valued at $1,663,313.82. The trade was a 6.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company 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.