TLDR
- Realty Income has paid 674 consecutive monthly dividends since 1969, growing the payout 135 times since its 1994 NYSE listing.
- UBS Asset Management increased its stake by over 22,000%, buying 10.3 million additional shares worth roughly $641.6 million in Q2.
- Q2 revenue came in at $1.55 billion, up 9.7% year over year, with earnings of $1.09 per share meeting estimates.
- The company declared a monthly dividend of $0.271 per share, payable September 15, with a yield of about 5.2%.
- Analysts hold a “Moderate Buy” consensus with an average price target of $67.42, versus a current price around $62.
Realty Income stock opened at $62.03 on Friday, sitting below its 50-day moving average of $63.31 and its 200-day moving average of $63.16. The stock carries a market cap of $58.69 billion, a P/E ratio of 45.28, and a 52-week range of $55.86 to $67.93.
The REIT reported Q2 earnings on August 5. Revenue hit $1.55 billion, beating the consensus estimate of $1.40 billion by a comfortable margin. Earnings per share of $1.09 matched expectations exactly, up from $1.05 in the same quarter last year.
The company set full-year 2026 guidance at $4.44 to $4.45 EPS. Analysts currently expect $4.43 per share for the year.
UBS Asset Management made one of the more eye-catching moves this quarter. The firm boosted its Realty Income position by over 22,000%, picking up 10.3 million additional shares. It now holds 10.35 million shares valued at approximately $641.6 million, equal to a 1.09% stake in the company.
Other institutions have been adding too. Danske Bank raised its stake by 20.3% in Q4. Nomura Asset Management lifted its position by 0.7%. Mitsubishi UFJ Asset Management increased its holding by 5.4%. Institutional investors now own 70.81% of the company’s stock.
Dividend Track Record
Realty Income has now declared 674 consecutive monthly dividends since its founding in 1969. That is the longest known streak of monthly dividend payments among public companies.
The company has raised its dividend 135 times since listing on the NYSE in 1994, including for 115 consecutive quarters. The monthly payout has grown at a compound annual rate of 4.1% over that period.
The most recent declared dividend is $0.271 per share, payable September 15 to investors of record as of August 31. The ex-dividend date is also August 31. The annualized yield sits at approximately 5.2%.
The dividend payout ratio stands at 237.23% on a net income basis, though the REIT measures its payout against adjusted funds from operations, where the ratio is under 75%.
Analyst Ratings and Price Targets
Analyst opinion is generally positive. Freedom Capital upgraded the stock from hold to strong buy in May. Royal Bank of Canada rates it outperform with a $70.00 target. Stifel Nicolaus has a $70.75 price target on the stock. Robert W. Baird holds a neutral rating with a $65.00 target, raised from $64.00. Mizuho also holds a neutral rating with a $66.00 target.
Out of 17 analysts tracked by MarketBeat, one rates it strong buy, eight rate it buy, seven hold, and one sell. The average price target is $67.42, representing roughly 9% upside from Friday’s opening price.
Realty Income also announced a joint venture with Cloud Capital earlier this year, committing more than $6 billion to invest in data centers, adding a new growth channel beyond its core retail and industrial portfolio.
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