NNN REIT, Inc. (NYSE:NNN) to Issue Dividend Increase - $0.60 Per Share

NNN REIT, Inc. (NYSE:NNN - Get Free Report) announced a quarterly dividend on Tuesday, July 15th, RTT News reports. Investors of record on Thursday, July 31st will be given a dividend of 0.60 per share by the real estate investment trust on Friday, August 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.62%. The ex-dividend date of this dividend is Thursday, July 31st. This is a 3.4% increase from NNN REIT's previous quarterly dividend of $0.58.

NNN REIT has a dividend payout ratio of 112.1% 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 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 Performance

Shares of NYSE:NNN remained flat at $42.74 during mid-day trading on Friday. The company had a trading volume of 734,029 shares, compared to its average volume of 1,265,219. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.58 and a current ratio of 0.58. The firm has a market cap of $8.03 billion, a P/E ratio of 19.97, a P/E/G ratio of 4.04 and a beta of 0.92. NNN REIT has a 12 month low of $35.80 and a 12 month high of $49.57. The business has a 50-day moving average of $42.32 and a 200 day moving average of $41.30.

NNN REIT (NYSE:NNN - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.04. NNN REIT had a return on equity of 9.23% and a net margin of 45.09%. The business had revenue of $230.85 million for the quarter, compared to the consensus estimate of $219.68 million. During the same period in the prior year, the business posted $0.84 earnings per share. The company's quarterly revenue was up 7.2% compared to the same quarter last year. Analysts predict that NNN REIT will post 3.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on NNN shares. Barclays decreased their price objective on NNN REIT from $47.00 to $46.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 21st. UBS Group decreased their price objective on NNN REIT from $43.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, Evercore ISI upped their price objective on NNN REIT from $43.00 to $44.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, NNN REIT presently has a consensus rating of "Hold" and an average price target of $44.54.

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.