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

NNN REIT, Inc. (NYSE:NNN) declared a quarterly dividend on Tuesday, October 15th, RTT News reports. Shareholders of record on Thursday, October 31st will be given 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 4.84%.

NNN REIT has raised its dividend payment by an average of 10.4% per year over the last three years and has raised its dividend annually for the last 35 consecutive years. NNN REIT has a dividend payout ratio of 112.6% meaning 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 Stock Up 1.0 %

NYSE NNN opened at $47.95 on Tuesday. The stock has a market capitalization of $8.79 billion, a P/E ratio of 22.00, a price-to-earnings-growth ratio of 3.79 and a beta of 1.09. NNN REIT has a 52 week low of $34.61 and a 52 week high of $49.10. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.72 and a current ratio of 1.72. The stock has a fifty day moving average of $47.37 and a 200-day moving average of $44.19.

NNN REIT (NYSE:NNN) last announced its quarterly earnings data 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 firm had revenue of $216.81 million during the quarter, compared to analyst estimates of $212.30 million. During the same quarter in the previous year, the business earned $0.80 earnings per share. NNN REIT’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, equities research analysts forecast that NNN REIT will post 3.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NNN shares. B. Riley increased their price objective on shares of NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. StockNews.com upgraded NNN REIT from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. UBS Group upped their price objective on NNN REIT from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Raymond James raised their target price on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $50.00 price target (up from $47.00) on shares of NNN REIT in a research note on Tuesday, October 1st. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, NNN REIT has an average rating of “Hold” and a consensus target price of $46.83.

Insider Transactions at NNN REIT

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $46.88, for a total transaction of $187,520.00. Following the completion of the sale, the executive vice president now directly owns 69,756 shares of the company’s stock, valued at approximately $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 can be accessed through this link. 0.82% of the stock is currently owned by 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.