NNN REIT, Inc. (NYSE:NNN) to Issue $0.60 Quarterly Dividend

Key Points

• NNN REIT announced a quarterly dividend of $0.60 per share (annualized $2.40) payable May 15 to shareholders of record April 30, with an indicated yield of about 5.4% (ex-dividend date April 30).
• The dividend currently has a reported payout ratio of 115.9%, meaning current earnings do not cover the payout, though analysts project FY next-year EPS of $3.51 (implying a projected payout ratio of ~68.4%); the company has raised its dividend for 35 consecutive years.
• Analysts are mixed—one Buy, six Hold and two Sell, with an average rating of "Reduce" and an average price target of $44.83—shares trade around $44.29 within a 52-week range of $38.90–$46.03 and a market cap of $8.43 billion.

NNN REIT, Inc. (NYSE:NNN - Get Free Report) announced a quarterly dividend on Wednesday, April 15th. Shareholders of record on Thursday, April 30th will be paid a dividend of 0.60 per share by the real estate investment trust on Friday, May 15th. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Thursday, April 30th.

NNN REIT has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend every year for the last 35 years. NNN REIT has a payout ratio of 115.9% indicating that 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 $2.40 annual dividend with an expected future payout ratio of 68.4%.

NNN REIT Stock Performance

Shares of NYSE:NNN traded up $0.21 during trading on Wednesday, hitting $44.29. 1,232,219 shares of the company were exchanged, compared to its average volume of 1,502,919. NNN REIT has a 52-week low of $38.90 and a 52-week high of $46.03. The stock has a 50 day moving average of $43.84 and a 200 day moving average of $42.10. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market cap of $8.43 billion, a PE ratio of 21.39, a P/E/G ratio of 5.87 and a beta of 0.85.

Analyst Ratings Changes

Several research analysts have commented on the company. UBS Group raised their target price on NNN REIT from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Monday, March 9th. Deutsche Bank Aktiengesellschaft raised shares of NNN REIT from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a report on Tuesday, January 20th. Stifel Nicolaus set a $48.50 price target on shares of NNN REIT in a report on Wednesday, February 11th. BNP Paribas Exane increased their price target on shares of NNN REIT from $43.00 to $44.00 and gave the stock a "strong sell" rating in a report on Thursday, February 12th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of NNN REIT in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, NNN REIT has an average rating of "Reduce" and an average price target of $44.83.

NNN REIT Company Profile

NNN REIT NYSE: NNN, formally known as National Retail Properties, is a publicly traded real estate investment trust focused on acquiring, owning and managing a diversified portfolio of retail properties across the United States. As a net-lease REIT, the company enters into long-term, triple-net leases with national and regional tenants, shifting most property-related expenses, including maintenance, taxes and insurance, to its lessees. This structure provides NNN REIT with predictable cash flows and a stable income stream rooted in essential retail uses such as convenience stores, dollar stores, drug stores and quick-service restaurants.

Founded in 1984 and headquartered in Orlando, Florida, NNN REIT has steadily grown its footprint through disciplined acquisitions and selective lease underwriting.

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