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

NNN REIT, Inc. (NYSE:NNN - Get Free Report) announced a quarterly dividend on Wednesday, January 15th,Wall Street Journal reports. Investors of record on Friday, January 31st will be given a dividend of 0.58 per share by the real estate investment trust on Friday, February 14th. This represents a $2.32 dividend on an annualized basis and a yield of 5.88%. The ex-dividend date of this dividend is Friday, January 31st.

NNN REIT has increased its dividend by an average of 12.3% annually over the last three years and has raised its dividend annually for the last 35 consecutive years. NNN REIT has a payout ratio of 110.5% indicating that 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 Up 0.6 %

NNN traded up $0.23 during trading on Wednesday, reaching $39.45. The company had a trading volume of 869,461 shares, compared to its average volume of 1,045,959. The company has a market cap of $7.40 billion, a P/E ratio of 18.26, a PEG ratio of 2.17 and a beta of 1.11. NNN REIT has a 12 month low of $37.55 and a 12 month high of $49.57. 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 business's fifty day moving average price is $41.73 and its 200 day moving average price is $44.80.

Insider Activity

In other NNN REIT news, EVP Michelle Lynn Miller sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total transaction of $42,510.00. Following the transaction, the executive vice president now owns 68,756 shares of the company's stock, valued at $2,922,817.56. The trade was a 1.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.82% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NNN has been the topic of several research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of NNN REIT in a research note on Wednesday, December 11th. They issued a "hold" rating and a $46.00 target price for the company. Colliers Securities downgraded NNN REIT from a "buy" rating to a "neutral" rating in a report on Friday, November 1st. Janney Montgomery Scott cut NNN REIT from a "buy" rating to a "neutral" rating and set a $43.00 target price on the stock. in a research note on Wednesday. UBS Group decreased their price target 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 raised shares of NNN REIT from an "equal weight" rating to an "overweight" rating and set a $48.00 price objective on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $45.79.

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.

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