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

NNN REIT, Inc. (NYSE:NNN) announced a quarterly dividend on Wednesday, January 15th,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% annually over the last three years and has increased its dividend annually for the last 35 consecutive years. NNN REIT has a 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 research 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 REIT stock traded up $0.23 during trading hours on Wednesday, hitting $39.45. The company had a trading volume of 869,461 shares, compared to its average volume of 1,045,959. The firm has a 50-day moving average of $41.73 and a 200 day moving average of $44.80. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.85 and a quick ratio of 2.85. 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. NNN REIT has a one year low of $37.55 and a one year high of $49.57.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on NNN REIT in a research note on Wednesday, December 11th. They set a “hold” rating and a $46.00 target price on the stock. BNP Paribas downgraded NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 target price for the company. in a report on Monday, November 4th. StockNews.com downgraded shares of NNN REIT from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. UBS Group dropped their price objective on shares of NNN REIT from $49.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Finally, Morgan Stanley upgraded shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 target price on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $45.79.

Insiders Place Their Bets

In other NNN REIT news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 68,756 shares in the company, valued at $2,922,817.56. This represents a 1.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.82% of the company’s stock.

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.