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 earnings per share (EPS) guidance of 3.280-3.320 for the period, compared to the consensus estimate of 3.330. The company issued revenue guidance of -. NNN REIT also updated its FY24 guidance to $3.31-3.35 EPS.

Wall Street Analyst Weigh In

Several research firms recently commented on NNN. Royal Bank of Canada upped their target price on NNN REIT from $43.00 to $46.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $50.00 price target (up previously from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. Raymond James lifted their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. UBS Group raised their target price 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. Finally, StockNews.com cut NNN REIT from a “buy” rating to a “hold” rating in a report on Monday. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, NNN REIT currently has a consensus rating of “Hold” and an average target price of $47.33.

NNN REIT Stock Down 4.2 %

NNN stock traded down $1.92 during mid-day trading on Thursday, reaching $44.06. The company had a trading volume of 1,176,922 shares, compared to its average volume of 1,145,284. The company has a market capitalization of $8.09 billion, a price-to-earnings ratio of 19.75, a PEG ratio of 3.86 and a beta of 1.09. 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 $35.47 and a 52 week high of $49.57. The stock has a 50 day simple moving average of $47.83 and a two-hundred day simple moving average of $44.70.

NNN REIT (NYSE:NNN) last announced its quarterly earnings results 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 net margin of 47.39% and a return on equity of 9.70%. 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 EPS. The business’s revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts predict that NNN REIT will post 3.3 earnings per share for the current fiscal year.

NNN REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.32 annualized dividend and a yield of 5.27%. NNN REIT’s dividend payout ratio is 104.50%.

Insider Buying and Selling

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the business’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 sale, the executive vice president now directly owns 69,756 shares of the company’s stock, valued at $3,270,161.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.80% of the stock is 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.