NNN REIT, Inc. (NYSE:NNN) Declares $0.58 Quarterly Dividend

NNN REIT, Inc. (NYSE:NNN) announced a quarterly dividend on Tuesday, October 15th, RTT News reports. Shareholders of record on Thursday, October 31st will be paid a dividend of 0.58 per share by the real estate investment trust on Friday, November 15th. This represents a $2.32 annualized dividend and a yield of 4.73%.

NNN REIT has raised its dividend by an average of 10.4% annually over the last three years and has increased its dividend every year for the last 35 years. NNN REIT has a payout ratio of 112.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect NNN REIT to earn $3.40 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 68.2%.

NNN REIT Price Performance

Shares of NNN opened at $49.03 on Wednesday. The business’s 50-day moving average is $47.41 and its two-hundred day moving average is $44.24. The company has a market capitalization of $8.99 billion, a P/E ratio of 22.49, a P/E/G ratio of 3.79 and a beta of 1.09. NNN REIT has a fifty-two week low of $34.61 and a fifty-two week high of $49.56. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.72 and a current ratio of 1.72.

NNN REIT (NYSE:NNN) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). NNN REIT had a return on equity of 9.70% and a net margin of 47.39%. The company had revenue of $216.81 million during the quarter, compared to analysts’ expectations of $212.30 million. During the same quarter in the previous year, the company earned $0.80 EPS. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. Research analysts predict that NNN REIT will post 3.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on NNN shares. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $50.00 target price (up from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. Royal Bank of Canada upped their price objective on shares of NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday, August 2nd. StockNews.com raised shares of NNN REIT from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. UBS Group lifted their price target on NNN REIT from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Finally, Raymond James increased their price target on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $46.83.

Insider Activity

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the completion of the transaction, the executive vice president now owns 69,756 shares in the company, valued at $3,270,161.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.82% of the company’s stock.

About NNN REIT

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2023, the company owned 3,532 properties in 49 states with a gross leasable area of approximately 36.0 million square feet and a weighted average remaining lease term of 10.1 years.