Realty Income Corporation (NYSE: O), the company tagged as a Monthly Dividend Company, is set to give a dividend again. The Real Estate Investment Trust (REIT) company has been consistent with its monthly dividends for years now. Following the announcement of the upcoming dividend, the O stock price traded in green during the last trading session.
In an announcement made on July 11, Realty Income declared the “637th consecutive common stock monthly dividend.” The REIT company will provide a monthly dividend of $0.2555 per share which would be $3.066 per share yearly. The dividend is said to be payable by August 15, 2023.
The consistent payment of dividends made Realty Income hold the Monthly Dividend company tag. The REIT company has been paying dividends for about 103 quarters making up about 25 years or so.
O stock saw a move in price following Realty Income’s 637th dividend payment announcement. The stock price closed during the last trading session at $60.50 after a raise of about 1.99%.
Given the steep downfall from $74 in August last year, O stock struggled to make any significant uptrend to attain a similar level. The death crossover at the time made the stock price stay under pressure and remained bearish. Though there’s no specific trend in the price movement, it’s moving sideways at present.
Currently, O stock price is below 50- and 200-day EMA. A breakout is possible in the near term if the stock price goes above the immediate resistance of $63 above the 50-day EMA. The next breakout target would be $70, and before that, it is likely to consolidate within the range of $55 to $70.
O Stock to Get Benefit From Realty Income Performance
Realty Income is among the top REIT companies and also the largest given its property holdings. It holds about 12,400 properties across 84 industries. Strong diversification from grocery to convenience stores acts as a better-performing strategy for the company so far. The occupancy reportedly stays at 99% and includes tenants like 7-Eleven and Walgreens.
O stock price has fallen by 6% since the start of the year, in contrast to the S&P 500 US REIT index which rose to 3% during a similar timeframe. Realty Income reported a revenue increase of 17% year over year and holds a strong pipeline for projects and properties. So the drop could not be due to macroeconomic or market factors rather than the company’s performance.
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Source: https://www.thecoinrepublic.com/2023/07/12/realty-income-637th-dividend-announced-o-stock-rises-2/