NNN REIT (NYSE:NNN) Issues FY 2024 Earnings Guidance

NNN REIT (NYSE:NNN) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 3.280-3.320 for the period, compared to the consensus EPS estimate of 3.330. The company issued revenue guidance of -. NNN REIT also updated its FY24 guidance to $3.31-3.35 EPS.

Analyst Ratings Changes

Several analysts have commented on the company. Royal Bank of Canada lowered their price target on NNN REIT from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday. B. Riley increased their price target on shares of NNN REIT from $42.50 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. UBS Group boosted their price objective on shares of NNN REIT from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Colliers Securities lowered NNN REIT from a “buy” rating to a “neutral” rating in a research note on Friday. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 price target (up previously from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $47.17.

NNN REIT Price Performance

Shares of NYSE:NNN traded down $0.04 during trading on Friday, reaching $43.40. The stock had a trading volume of 1,533,581 shares, compared to its average volume of 988,229. The business’s 50-day moving average price is $47.71 and its 200 day moving average price is $44.75. The stock 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. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.72. NNN REIT has a 52 week low of $37.69 and a 52 week high of $49.57.

NNN REIT (NYSE:NNN) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). NNN REIT had a net margin of 45.63% and a return on equity of 9.47%. The firm had revenue of $216.81 million during the quarter, compared to analyst estimates of $212.30 million. During the same quarter in the prior year, the business earned $0.80 earnings per share. The business’s revenue was up 7.0% on a year-over-year basis. As a group, equities analysts predict that NNN REIT will post 3.3 earnings per share for the current year.

NNN REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 5.35%. The ex-dividend date is Thursday, October 31st. NNN REIT’s dividend payout ratio is 107.41%.

Insider Buying and Selling

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the completion of the sale, the executive vice president now owns 69,756 shares of the company’s stock, valued at approximately $3,270,161.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.82% of the stock is owned by company 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.