NNN REIT (NYSE:NNN) Updates FY 2024 Earnings Guidance

NNN REIT (NYSE:NNN - Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 3.280-3.320 for the period, compared to the consensus earnings per share estimate of 3.330. The company issued revenue guidance of -. NNN REIT also updated its FY24 guidance to $3.31-3.35 EPS.

NNN REIT Stock Performance

Shares of NNN traded down $2.54 during mid-day trading on Thursday, reaching $43.44. The company's stock had a trading volume of 2,775,671 shares, compared to its average volume of 1,152,861. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 1.04. NNN REIT has a 1-year low of $35.47 and a 1-year high of $49.57. The business has a 50-day simple moving average of $47.78 and a two-hundred day simple moving average of $44.69. The stock has a market cap of $7.98 billion, a P/E ratio of 19.57, a PEG ratio of 3.86 and a beta of 1.09.

NNN REIT (NYSE:NNN - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.24). The company had revenue of $216.81 million during the quarter, compared to the consensus estimate of $212.30 million. NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. NNN REIT's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.80 earnings per share. As a group, equities research analysts anticipate that NNN REIT will post 3.3 earnings per share for the current fiscal year.

NNN REIT Dividend Announcement

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 $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 5.34%. The ex-dividend date of this dividend is Thursday, October 31st. NNN REIT's dividend payout ratio is 104.50%.

Analyst Ratings Changes

Several analysts have weighed in on NNN shares. Raymond James lifted their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 21st. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $50.00 price objective (up from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. B. Riley raised their price target on NNN REIT from $42.50 to $49.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. StockNews.com cut shares of NNN REIT from a "buy" rating to a "hold" rating in a research report on Monday. Finally, Royal Bank of Canada boosted their target price on shares of NNN REIT from $43.00 to $46.00 and gave the company a "sector perform" rating in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, NNN REIT currently has a consensus rating of "Hold" and a consensus price target of $47.33.

Insider Transactions at NNN REIT

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the business's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the sale, the executive vice president now owns 69,756 shares of the company's stock, valued at approximately $3,270,161.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.80% 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.