IRM - This High-Yield Dividend Stock Beat the S&P 500 in the First Half of 2024. Is It Still a Buy?
2024-07-26 06:13:00 ET
The stock market got off to a great start this year. The S&P 500 rallied 14.5%, driven up by AI-related enthusiasm.
However, not all segments of the market participated in this rally. Most real estate investment trusts ( REITs ) underperformed. That was due to persistently high interest rates, which, among other things, weigh on the value of high-yield dividend stocks.
There was one outlier among REITs : Iron Mountain (NYSE: IRM) . Its shares soared 28.1% in the first half. Add in its high-yielding dividend (which at its recent level of 2.6% is more than double the S&P 500's yield), and the outperformance was even wider (30.1% for Iron Mountain compared to 15.3% for the S&P 500). Here's a look at what drove that rally and whether it has the power to continue outperforming.
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This High-Yield Dividend Stock Beat the S&P 500 in the First Half of 2024. Is It Still a Buy?