NNN REIT, Inc. (NNN) to Issue Quarterly Dividend of $0.58 on November 15th

NNN REIT, Inc. (NYSE:NNN) announced a quarterly dividend on Tuesday, October 15th, RTT News reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend is Thursday, October 31st.

NNN REIT has increased 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 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 0.7 %

NNN opened at $49.35 on Thursday. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 3.79 and a beta of 1.09. The firm has a 50 day moving average price of $47.47 and a 200-day moving average price of $44.27. NNN REIT has a twelve month low of $34.61 and a twelve month high of $49.57. 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 (NYSE:NNN) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share 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 analysts’ expectations of $212.30 million. NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. NNN REIT’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 earnings per share. Equities research analysts forecast that NNN REIT will post 3.3 earnings per share for the current year.

Insider Buying and Selling at NNN REIT

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total value 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 $3,270,161.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

NNN has been the topic of several research reports. StockNews.com raised NNN REIT from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Raymond James raised their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. UBS Group upped their target price on shares of NNN REIT from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday. Royal Bank of Canada lifted their price target on shares of NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Friday, August 2nd. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 price objective (up previously from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $47.33.

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.