HUNT VALLEY, Md. - Omega Healthcare (NYSE:OHI) Investors, Inc. (NYSE:OHI), a real estate investment trust specializing in the long-term healthcare industry, has declared a quarterly cash dividend and scheduled its second quarter earnings release and conference call.
The company's Board of Directors announced a cash dividend of $0.67 per share on its common stock, payable to stockholders of record by the close of business on August 5, 2024. The dividend is set to be distributed on August 15, 2024.
In addition to the dividend declaration, Omega revealed plans to release its earnings results for the quarter ended June 30, 2024, after the market closes on August 1, 2024. A conference call to discuss these results and provide current developments is scheduled for the following day, August 2, 2024, at 10 a.m. Eastern Time.
Interested parties, including analysts and investors, are invited to listen to the conference call via webcast on the company's website or by dialing in directly. The webcast can be accessed on the Investors page of Omega's website, where a replay will also be available for approximately two weeks following the live event. For those wishing to participate via telephone, the call-in numbers are (877) 407-9124 for U.S. callers and (201) 689-8584 for international callers.
Omega Healthcare Investors owns a diverse portfolio that includes skilled nursing and assisted living facilities across the United States and the United Kingdom, primarily under a triple-net lease structure. This announcement is based on a press release statement from the company.
In other recent news, Omega Healthcare Investors has seen notable developments in its financial performance and strategic initiatives. The company reported a successful first quarter in 2024, with funds available for distribution (FAD) of $0.65 per share, exceeding expectations. Furthermore, the company provided a full-year adjusted funds from operations (AFFO) guidance ranging from $2.70 to $2.80 per share. Both Baird and RBC Capital Markets have raised their price targets for Omega Healthcare to $32.00, maintaining a neutral and sector perform rating respectively.
These adjustments follow Omega Healthcare's better-than-expected results in the first quarter and the anticipation of a more robust recovery for one of its tenants, LaVie Healthcare. LaVie, which filed for Chapter 11 bankruptcy, has received a commitment of $10 million in debtor-in-possession financing from Omega Healthcare.
In addition, Omega Healthcare's portfolio occupancy has shown recovery, and its active acquisition pipeline is expected to contribute positively to future earnings. The company also completed $55 million in new investments in Q1 and $165 million in subsequent acquisitions. These are recent developments shaping Omega Healthcare's financial landscape.
InvestingPro Insights
As Omega Healthcare Investors, Inc. (NYSE:OHI) prepares to discuss its second quarter earnings, investors may find it valuable to consider some key financial metrics and expert analysis provided by InvestingPro. With a market capitalization of $9.43 billion USD, the company stands as a significant player in the healthcare real estate investment sector.
InvestingPro data shows that Omega Healthcare Investors has a robust gross profit margin of 92.62% for the last twelve months as of Q1 2024, reflecting the company's efficiency in managing its costs relative to revenue. Additionally, the firm's revenue growth has been impressive, with an increase of 15.08% over the same period, indicating potential for continued expansion in the market.
However, the company's P/E ratio, both adjusted and unadjusted, stands at around 33.11 as of Q1 2024, suggesting that the stock may be trading at a high earnings multiple compared to some industry peers. This could be a point of caution for value-oriented investors. Furthermore, with the stock trading near its 52-week high and the RSI indicating that it may be in overbought territory, potential investors should monitor the stock's movements closely.
One of the notable InvestingPro Tips highlights that Omega Healthcare Investors has maintained dividend payments for 22 consecutive years, which is a testament to the company's commitment to returning value to shareholders. The current dividend yield is substantial at 7.25%, making it an attractive aspect for income-focused investors. Additionally, the company has exhibited a strong return over the last three months, with a price total return of 23.09%.
For those interested in further analysis and additional InvestingPro Tips, there are 9 more tips available, which can be accessed through InvestingPro's platform at https://www.investing.com/pro/OHI. Readers looking to dive deeper into Omega Healthcare Investors' financials and forecasts can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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