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

NNN REIT, Inc. (NYSE:NNN) announced a quarterly dividend on Tuesday, January 14th,Wall Street Journal reports. Investors 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 5.88%. The ex-dividend date is Friday, January 31st.

NNN REIT has increased its dividend by an average of 12.3% per year over the last three years and has increased 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 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 Stock Performance

NNN stock traded up $0.23 during trading on Wednesday, reaching $39.45. The stock had a trading volume of 935,452 shares, compared to its average volume of 1,086,850. The firm has a market cap of $7.40 billion, a PE ratio of 18.26, a PEG ratio of 2.17 and a beta of 1.11. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.00. The stock’s 50 day moving average is $41.73 and its two-hundred day moving average is $44.80. NNN REIT has a 52 week low of $37.55 and a 52 week high of $49.57.

Insider Activity

In related news, EVP Michelle Lynn Miller sold 1,000 shares of NNN REIT stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total transaction of $42,510.00. Following the sale, the executive vice president now owns 68,756 shares of the company’s stock, valued at approximately $2,922,817.56. This trade represents a 1.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on NNN shares. Barclays started 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 on the stock. B. Riley decreased their price target on shares of NNN REIT from $49.00 to $46.50 and set a “buy” rating on the stock in a research report on Wednesday, December 4th. BNP Paribas downgraded shares of NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 price objective for the company. in a research report on Monday, November 4th. Robert W. Baird upped their price objective on NNN REIT from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Finally, UBS Group lowered their target price on NNN REIT from $49.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. One 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus 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.