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

NNN REIT, Inc. (NYSE:NNN) announced a quarterly dividend on Tuesday, January 14th,Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.88%. The ex-dividend date of this dividend is Friday, January 31st.

NNN REIT has increased its dividend by an average of 12.3% annually over the last three years and has raised its dividend every year for the last 35 years. NNN REIT has a payout ratio of 110.5% indicating that 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 $3.34 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 69.5%.

NNN REIT Trading Up 0.6 %

Shares of NYSE:NNN opened at $39.45 on Thursday. The business’s 50 day moving average price is $41.73 and its 200-day moving average price is $44.80. NNN REIT has a 1 year low of $37.55 and a 1 year high of $49.57. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.85 and a quick ratio of 2.85.

Insider Activity at NNN REIT

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction that occurred 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 directly owns 68,756 shares in the company, valued at approximately $2,922,817.56. This represents a 1.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Robert W. Baird lifted their target price on shares of NNN REIT from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Colliers Securities lowered shares of NNN REIT from a “buy” rating to a “neutral” rating in a research note on Friday, November 1st. Deutsche Bank Aktiengesellschaft began coverage on NNN REIT in a research note on Wednesday, December 11th. They set a “hold” rating and a $46.00 price objective for the company. BNP Paribas downgraded NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 target price on the stock. in a research report on Monday, November 4th. Finally, StockNews.com cut NNN REIT from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target 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.