NNN REIT (NYSE:NNN) Issues FY24 Earnings Guidance

NNN REIT (NYSE:NNN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.31-3.35 for the period, compared to the consensus estimate of $3.33. NNN REIT also updated its FY 2024 guidance to 3.280-3.320 EPS.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NNN shares. Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 target price (up previously from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. StockNews.com lowered shares of NNN REIT from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Royal Bank of Canada decreased 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. Raymond James boosted their price objective on NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Finally, Colliers Securities cut NNN REIT from a “buy” rating to a “neutral” rating in a research note on Friday. Seven investment 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, NNN REIT presently has a consensus rating of “Hold” and a consensus price target of $47.17.

NNN REIT Stock Down 0.1 %

NNN traded down $0.04 during trading on Friday, hitting $43.40. 1,533,581 shares of the company’s stock were exchanged, compared to its average volume of 988,229. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average is $47.71 and its two-hundred day moving average is $44.75. The stock has a market cap of $7.97 billion, a P/E ratio of 20.09, a PEG ratio of 3.46 and a beta of 1.10. NNN REIT has a fifty-two week low of $37.69 and a fifty-two week high of $49.57.

NNN REIT (NYSE:NNN) last issued its quarterly earnings data 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 return on equity of 9.47% and a net margin of 45.63%. The company had revenue of $216.81 million for the quarter, compared to the consensus estimate of $212.30 million. During the same period in the prior year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, equities analysts expect 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. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date is Thursday, October 31st. NNN REIT’s dividend payout ratio is 107.41%.

Insider Activity

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $46.88, for a total value of $187,520.00. Following the transaction, the executive vice president now owns 69,756 shares in the company, valued at $3,270,161.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

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.