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

NNN REIT, Inc. (NYSE:NNN) declared a quarterly dividend on Tuesday, January 14th,Wall Street Journal reports. Shareholders of record on Friday, January 31st will be given 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 5.88%. The ex-dividend date of this dividend is Friday, January 31st.

NNN REIT has raised its dividend payment by an average of 12.3% 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 110.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect NNN REIT to earn $3.36 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 69.0%.

NNN REIT Price Performance

Shares of NNN stock traded up $0.23 during trading hours on Wednesday, hitting $39.45. The stock had a trading volume of 935,452 shares, compared to its average volume of 1,086,850. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.85 and a quick ratio of 2.85. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 2.17 and a beta of 1.11. NNN REIT has a one year low of $37.55 and a one year high of $49.57. The stock’s 50-day moving average price is $41.73 and its two-hundred day moving average price is $44.80.

Wall Street Analysts Forecast Growth

NNN has been the topic of a number of research reports. BNP Paribas downgraded NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 price objective on the stock. in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft started coverage on shares of NNN REIT in a research report on Wednesday, December 11th. They issued a “hold” rating and a $46.00 price target on the stock. Robert W. Baird upped their price target on shares of NNN REIT from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Barclays began coverage on shares of NNN REIT in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $48.00 price objective for the company. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $50.00 target price (up from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $45.79.

Insider Buying and Selling

In other NNN REIT news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total value of $42,510.00. Following the transaction, the executive vice president now owns 68,756 shares of the company’s stock, valued at $2,922,817.56. This represents a 1.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.82% of the stock is currently owned by corporate 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.