The Vanguard Group, Inc. recently announced the acquisition of new stake in Realty Income Corp. (NYSE:O). The institutional investor has increased its shareholding in the Real Estate company by 3.87% to 107.43 million shares with purchase of 4.0 million shares. This fresh investment now brings its stake to 14.84% valued currently at $5.8 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 4.3 million to 55.94 million shares. And BlackRock Fund Advisors has lifted its position by 4.54% or 1.95 million shares – to 44.92 million shares.
With over 5.72 million Realty Income Corp. (O) shares trading Tuesday and a closing price of $58.57 on the day, the dollar volume was approximately $335.26 million. The shares have shown a negative half year performance of -2.71% and its price on 01/02/24 gained nearly 2.00%. Currently, there are 723.92M common shares owned by the public and among those 723.19M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for O have a consensus price objective of $61.94. The analysts have set the share’s price value over the next 12 months at a high of $74.00 and a low of $54.00. The average price target is 5.44% above its recent price level and a downside to the estimated low will see the stock lose -8.46% over that period. But an upside of 20.85% will see the stock hit the forecast high price target while median target price for the stock is $59.75.
Insiders at the company have transacted a total of 39 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 251,322 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 65,779 shares.
The top 3 mutual fund holders in Realty Income Corp. are Vanguard Real Estate Index Fund, Vanguard Total Stock Market ETF, and Vanguard 500 Index Fund. Vanguard Real Estate Index Fund owns 27.75 million shares of the company’s stock, all valued at over $1.5 billion. The company sold -0.2 million shares recently to bring their total holdings to about 3.83% of the shares outstanding. Vanguard Total Stock Market ETF bought 25102.0 shares to see its total holdings expand to 22.18 million shares valued at over $1.2 billion and representing 3.06% of the shares outstanding. Vanguard 500 Index Fund bought 79529.0 shares to bring its total holdings to over 17.11 million shares at a value of $923.52 million. Vanguard 500 Index Fund now owns shares totaling to 2.36% of the shares outstanding.
Shares of Realty Income Corp. (NYSE: O) opened at $57.11, down -$0.31 from a prior closing price of $57.42. However, the script later moved the day high at 58.58, up 2.00%. The company’s stock has a 5-day price change of 2.95% and 19.56% over the past three months. O shares are trading 2.00% year to date (YTD), with the 12-month market performance down to -8.53% lower. It has a 12-month low price of $45.03 and touched a high of $68.85 over the same period. O has an average intraday trading volume of 6.83 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.14%, 10.29%, and 2.31% respectively.
Institutional ownership of Realty Income Corp. (NYSE: O) shares accounts for 80.15% of the company’s 723.92M shares outstanding. Mutual fund holders own 35.74%, while other institutional holders and individual stakeholders account for 44.86% and 0.40% respectively.
It has a market capitalization of $42.40B and a beta (3y monthly) value of 0.95. The stock’s trailing 12-month PE ratio is 44.49, while the earnings-per-share (ttm) stands at $1.32. The company has a PEG of 1.97 and the debt-to-equity ratio at 0.71. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.52% over the week and 1.82% over the month.
Analysts forecast that Realty Income Corp. (O) will achieve an EPS of $0.32 for the current quarter, $0.38 for the next quarter and $1.41 for 2024. The lowest estimate earnings-per-share for the quarter is $0.28 while analysts give the company a high EPS estimate of $0.35. Comparatively, EPS for the current quarter was $0.36 a year ago. Earnings per share for the fiscal year are expected to decrease by -8.11%, and 1.54% over the next financial year. EPS should grow at an annualized rate of 22.62% over the next five years, compared to 5.24% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Realty Income Corp. (O) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 7 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the O, a number of firms have released research notes about the stock. Exane BNP Paribas stated their Outperform rating for the stock in a research note on December 13, 2023, with the firm’s price target at $63.
