B. Riley Has Pessimistic Outlook of NNN REIT FY2024 Earnings

NNN REIT, Inc. (NYSE:NNN - Free Report) - Research analysts at B. Riley lowered their FY2024 earnings estimates for shares of NNN REIT in a report released on Wednesday, December 4th. B. Riley analyst J. Massocca now anticipates that the real estate investment trust will post earnings per share of $3.28 for the year, down from their previous forecast of $3.33. B. Riley has a "Buy" rating and a $46.50 price objective on the stock. The consensus estimate for NNN REIT's current full-year earnings is $3.28 per share. B. Riley also issued estimates for NNN REIT's Q4 2024 earnings at $0.82 EPS, Q1 2025 earnings at $0.82 EPS and Q2 2025 earnings at $0.84 EPS.

Other equities research analysts have also recently issued reports about the company. UBS Group cut their target price on NNN REIT from $49.00 to $43.00 and set a "neutral" rating for the company in a research note on Thursday, November 14th. BNP Paribas downgraded 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. Royal Bank of Canada decreased their target price on NNN REIT from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Friday, November 1st. Robert W. Baird increased their target price on shares of NNN REIT from $44.00 to $45.00 and gave the stock a "neutral" rating in a report on Monday, November 4th. Finally, Wells Fargo & Company restated an "equal weight" rating and issued a $50.00 price target (up from $47.00) on shares of NNN REIT in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $45.93.

NNN REIT Price Performance

Shares of NYSE NNN traded down $0.39 during trading hours on Friday, hitting $42.50. 926,691 shares of the stock were exchanged, compared to its average volume of 1,172,464. The company's fifty day simple moving average is $45.31 and its two-hundred day simple moving average is $45.01. The company has a market cap of $7.97 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 2.18 and a beta of 1.10. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.85 and a current ratio of 2.85. NNN REIT has a 1-year low of $38.88 and a 1-year high of $49.57.

Institutional Investors Weigh In On NNN REIT

A number of institutional investors have recently added to or reduced their stakes in the business. Nicholas Hoffman & Company LLC. lifted its holdings in shares of NNN REIT by 1.8% during the second quarter. Nicholas Hoffman & Company LLC. now owns 13,325 shares of the real estate investment trust's stock worth $568,000 after purchasing an additional 240 shares during the period. Farther Finance Advisors LLC grew its position in shares of NNN REIT by 14.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust's stock valued at $110,000 after buying an additional 280 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of NNN REIT by 23.8% in the third quarter. GAMMA Investing LLC now owns 2,881 shares of the real estate investment trust's stock valued at $140,000 after buying an additional 553 shares during the period. LRI Investments LLC increased its stake in shares of NNN REIT by 100.6% in the second quarter. LRI Investments LLC now owns 1,613 shares of the real estate investment trust's stock valued at $69,000 after buying an additional 809 shares during the period. Finally, Bruce G. Allen Investments LLC raised its position in shares of NNN REIT by 1,276.8% during the second quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust's stock worth $48,000 after acquiring an additional 1,047 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

NNN REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.58 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a yield of 5.46%. NNN REIT's dividend payout ratio (DPR) is presently 107.41%.

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.