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

NNN REIT, Inc. (NYSE:NNN) declared a quarterly dividend on Tuesday, January 14th,Wall Street Journal reports. Stockholders of record on Friday, January 31st will be paid a dividend of 0.58 per share by the real estate investment trust on Friday, February 14th. This represents a $2.32 annualized dividend and a dividend yield of 5.77%. The ex-dividend date of this dividend is Friday, January 31st.

NNN REIT has increased its dividend by an average of 12.3% per year over the last three years. NNN REIT has a payout ratio of 111.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect NNN REIT to earn $3.33 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 69.7%.

NNN REIT Stock Down 1.4 %

NNN stock opened at $40.24 on Wednesday. NNN REIT has a fifty-two week low of $37.55 and a fifty-two week high of $49.57. The company has a market cap of $7.55 billion, a price-to-earnings ratio of 18.63, a P/E/G ratio of 1.98 and a beta of 1.11. The business’s 50-day moving average is $41.25 and its two-hundred day moving average is $44.61. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.85 and a current ratio of 2.85.

Insider Buying and Selling at NNN REIT

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $42.51, for a total transaction of $42,510.00. Following the transaction, the executive vice president now owns 68,756 shares in the company, valued at $2,922,817.56. This represents a 1.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

NNN has been the subject of several analyst reports. Morgan Stanley raised shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price target for the company in a research report on Wednesday, January 15th. StockNews.com cut shares of NNN REIT from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Royal Bank of Canada reduced their price target on shares of NNN REIT from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Janney Montgomery Scott lowered shares of NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research note on Wednesday, January 15th. Finally, B. Riley lowered their target price on shares of NNN REIT from $49.00 to $46.50 and set a “buy” rating for the company in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.79.

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.