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

NNN REIT, Inc. (NYSE:NNN - Get Free Report) announced a quarterly dividend on Tuesday, April 15th, RTT News reports. Shareholders of record on Wednesday, April 30th will be paid a dividend of 0.58 per share by the real estate investment trust on Thursday, May 15th. This represents a $2.32 annualized dividend and a yield of 5.58%. The ex-dividend date of this dividend is Wednesday, April 30th.

NNN REIT has raised its dividend payment by an average of 9.7% per year over the last three years and has increased its dividend annually for the last 35 consecutive years. NNN REIT has a dividend payout ratio of 112.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect NNN REIT to earn $3.51 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 66.1%.

NNN REIT Stock Up 0.6 %

NYSE NNN traded up $0.23 during trading hours on Friday, hitting $41.59. 951,165 shares of the company traded hands, compared to its average volume of 1,186,516. NNN REIT has a twelve month low of $35.80 and a twelve month high of $49.57. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 19.34, a P/E/G ratio of 2.06 and a beta of 0.85. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.55 and a current ratio of 1.55. The business's 50-day moving average is $41.36 and its 200-day moving average is $42.18.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Jefferies Financial Group lowered shares of NNN REIT from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $52.00 to $43.00 in a research note on Thursday, January 2nd. Barclays lifted their target price on NNN REIT from $46.00 to $47.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 4th. Janney Montgomery Scott downgraded shares of NNN REIT from a "buy" rating to a "neutral" rating and set a $43.00 price objective on the stock. in a report on Wednesday, January 15th. B. Riley restated a "neutral" rating and set a $43.00 target price (down previously from $46.50) on shares of NNN REIT in a research note on Tuesday, February 18th. Finally, Wells Fargo & Company increased their price target on shares of NNN REIT from $41.00 to $44.00 and gave the company an "equal weight" rating in a report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $44.54.

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.