Riggs Capital Management LLC Acquires Realty Income Co. Shares

Riggs Capital Management LLC has recently announced the acquisition of a new position in Realty Income Co. (NYSE:O) during the fourth quarter, as per their latest filing with the Securities and Exchange Commission. The firm acquired a total of 10,796 shares of this real estate investment trust, with a total investment valued at approximately $577,000.

Changes by Other Institutional Investors

Several other institutional investors have also adjusted their holdings in Realty Income. For instance, Summit Financial LLC has significantly increased its stake in the company by 259.8% in the last quarter, amassing a total of 33,811 shares valued at $1,806,000 after acquiring an additional 24,413 shares. Similarly, Goepper Burkhardt LLC raised its position by 0.8%, now holding 36,765 shares worth $1,964,000 after purchasing 288 more shares. Wellington Management Group LLP has also nudged its holdings upwards by 0.3%, owning 185,011 shares, totaling $9,881,000 after buying 487 shares. CIBC Private Wealth Group LLC increased its investment by 4.8%, holding 27,042 shares valued at $1,420,000 after adding 1,232 shares. Finally, California Public Employees Retirement System expanded its stake by 26.7%, now possessing 3,849,998 shares valued at $205,628,000 after purchasing an additional 811,037 shares. Notably, institutional investors hold approximately 70.81% of the company's stock.

Realty Income Market Performance

On Monday, shares of Realty Income (O) opened at $56.61. The stock has exhibited a 50-day simple moving average of $55.79 and a 200-day simple moving average of $57.24. Over the past year, Realty Income has seen a low of $50.65 and a high of $64.88. The company boasts a current ratio of 1.40, a quick ratio of 1.40, and a debt-to-equity ratio of 0.68. Its market capitalization stands at $50.47 billion, with a P/E ratio of 53.91 and a price-to-earnings-growth ratio of 2.10.

Quarterly Earnings Results

Realty Income recently reported its quarterly earnings results on February 24. The real estate investment trust posted an earnings per share of $1.05, slightly missing analysts' expectations of $1.06 by $0.01. The company achieved a return on equity of 2.35% and a net margin of 17.57%. Revenue reached $1.34 billion for the quarter, exceeding the consensus estimate of $1.28 billion. Analysts forecast that Realty Income Co. will generate earnings of 4.19 per share within the current fiscal year.

Dividend Announcement

The company has also announced a new dividend of $0.2685 per share, payable on April 15 to shareholders on record as of April 1. This reflects an increase from the previous dividend of $0.27, resulting in a dividend yield of 5.7%. Realty Income's current dividend payout ratio stands at an impressive 328.57%.

Analyst Price Target Adjustments

Several equity research analysts have recently revised their price targets for Realty Income. Scotiabank downgraded its target from $59.00 to $57.00, assigning a "sector perform" rating. BNP Paribas reduced its rating from "outperform" to "neutral", setting a price target of $61.00. Alternatively, Barclays raised its price target from $56.00 to $59.00 while maintaining an "equal weight" rating. Deutsche Bank also initiated coverage, marking a “hold” rating with a target price set at $62.00. Royal Bank of Canada has cut their target price from $62.00 to $60.00, labeling the company with an "outperform" rating. Overall, 11 analysts recommend holding the stock while three suggest a buy, leading to an average rating of "Hold" and a target price of $62.04.

About Realty Income

Realty Income, known as The Monthly Dividend Company, is an S&P 500 member and part of the S&P 500 Dividend Aristocrats index. The company is a real estate investment trust (REIT) focused on providing dependable monthly dividends that increase over time, supported by cash flows from over 15,450 real estate properties, including those acquired in the Spirit merger announced in January 2024. These properties are mainly leased under long-term net lease agreements with commercial tenants.

investment, shares, dividend