NNN REIT (NYSE:NNN) Updates FY24 Earnings Guidance

NNN REIT (NYSE:NNN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.31-3.35 for the period, compared to the consensus earnings per share estimate of $3.33. NNN REIT also updated its FY 2024 guidance to 3.280-3.320 EPS.

NNN REIT Stock Down 0.1 %

NYSE NNN traded down $0.04 during trading on Friday, hitting $43.40. The stock had a trading volume of 1,533,581 shares, compared to its average volume of 988,229. The company has a market capitalization of $7.97 billion, a PE ratio of 20.09, a P/E/G ratio of 3.46 and a beta of 1.10. NNN REIT has a 12 month low of $37.69 and a 12 month high of $49.57. The company’s 50-day moving average price is $47.71 and its two-hundred day moving average price is $44.75. 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 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 9.47% and a net margin of 45.63%. The business had revenue of $216.81 million during the quarter, compared to the consensus estimate of $212.30 million. During the same period in the prior year, the firm earned $0.80 EPS. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, sell-side analysts forecast that NNN REIT will post 3.3 EPS for the current 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 $0.58 dividend. The ex-dividend date of this dividend 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 is 107.41%.

Analysts Set New Price Targets

NNN has been the topic of several recent analyst reports. StockNews.com lowered shares of NNN REIT from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Royal Bank of Canada cut their price objective on NNN REIT from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday. B. Riley increased their price target on NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Raymond James lifted their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Finally, Colliers Securities lowered shares of NNN REIT from a “buy” rating to a “neutral” rating in a research report on Friday. Seven investment 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 Transactions at NNN REIT

In other news, EVP Michelle Lynn Miller sold 4,000 shares of NNN REIT stock in a transaction that occurred 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 in the company, valued at approximately $3,270,161.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.82% of the company’s stock.

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.