Investors Grab O Even Cheaper Than Its Secondary Stock Offering

Jan 27 2014, 11:14am CST | by

Looking back to 98 days ago, Realty Income Corp. (NYSE: O) priced a 8,500,000 share secondary stock offering at $40.63 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time. In trading on Monday, bargain hunters could buy shares of O and achieve a cost basis 2.7% cheaper than those buyers, with shares changing hands as low as $39.55 per share. It should be noted that investors at the secondary have collected $0.36/share in dividends since the time of their purchase, so they are currently down 1.8% on their purchase from a total return basis.

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Secondaries can often present buying opportunities for bullish investors interested in purchasing shares, because the sudden extra supply of stock tends to require that the offering be priced at an attractive discount to where the stock had previously been trading before the offering announcement. At last check, Realty Income Corp. shares are currently trading up about 0.3% on the day. The chart below shows the one year performance of O shares, versus its 200 day moving average:

Looking at the chart above, O’s low point in its 52 week range is $36.58 per share, with $55.48 as the 52 week high point — that compares with a last trade of $39.69.

The current annualized dividend paid by Realty Income Corp. is $2.186/share, currently paid in monthly installments, and its most recent dividend has an upcoming ex-date of 01/30/2014. Below is a long-term dividend history chart for O, which can be of good help in judging whether the most recent dividend with approx. 5.5% annualized yield is likely to continue.


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O makes up 5.12% of the iShares Retail Real Estate Capped ETF (AMEX: RTL)


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Source: Forbes Business

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