NNN REIT (NYSE:NNN) Updates FY 2024 Earnings Guidance

NNN REIT (NYSE:NNN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 3.280-3.320 for the period, compared to the consensus earnings per share estimate of 3.330. The company issued revenue guidance of -. NNN REIT also updated its FY24 guidance to $3.31-3.35 EPS.

NNN REIT Stock Down 0.1 %

NNN stock traded down $0.04 during mid-day trading on Friday, reaching $43.40. 1,533,581 shares of the company traded hands, compared to its average volume of 988,229. The stock has a market cap of $7.97 billion, a price-to-earnings ratio of 20.09, a P/E/G ratio of 3.46 and a beta of 1.10. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. NNN REIT has a fifty-two week low of $37.69 and a fifty-two week high of $49.57. The firm’s 50 day moving average price is $47.71 and its 200 day moving average price is $44.75.

NNN REIT (NYSE:NNN) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). The company had revenue of $216.81 million for the quarter, compared to analyst estimates of $212.30 million. NNN REIT had a net margin of 45.63% and a return on equity of 9.47%. NNN REIT’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.80 EPS. As a group, equities research analysts predict that NNN REIT will post 3.3 EPS for the current fiscal year.

NNN REIT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.58 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a yield of 5.35%. NNN REIT’s dividend payout ratio (DPR) is currently 107.41%.

Wall Street Analysts Forecast Growth

NNN has been the topic of a number of research analyst reports. Raymond James boosted their target price on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 21st. Colliers Securities downgraded NNN REIT from a “buy” rating to a “neutral” rating in a research note on Friday. UBS Group boosted their target price on NNN REIT from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Wells Fargo & Company restated an “equal weight” rating and issued a $50.00 target price (up previously from $47.00) on shares of NNN REIT in a research note on Tuesday, October 1st. Finally, StockNews.com downgraded NNN REIT from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, NNN REIT presently has an average rating of “Hold” and a consensus target price of $47.17.

Insider Activity at NNN REIT

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the sale, the executive vice president now owns 69,756 shares of the company’s stock, valued at $3,270,161.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.82% of the stock is owned by company insiders.

NNN REIT Company Profile

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.