NNN REIT, Inc. Declares Quarterly Dividend of $0.57 (NYSE:NNN)

NNN REIT, Inc. (NYSE:NNN - Get Free Report) declared a quarterly dividend on Monday, April 15th, RTT News reports. Investors of record on Tuesday, April 30th will be given a dividend of 0.565 per share by the real estate investment trust on Wednesday, May 15th. This represents a $2.26 dividend on an annualized basis and a yield of 5.65%.

NNN REIT has increased its dividend payment by an average of 10.5% per year over the last three years and has increased its dividend every year for the last 34 years. NNN REIT has a payout ratio of 110.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect NNN REIT to earn $3.40 per share next year, which means the company should continue to be able to cover its $2.26 annual dividend with an expected future payout ratio of 66.5%.

NNN REIT Stock Down 2.0 %

NNN stock traded down $0.80 during trading on Monday, reaching $40.01. 808,066 shares of the stock were exchanged, compared to its average volume of 1,421,916. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.05. The firm's 50 day moving average is $41.36 and its 200 day moving average is $40.29. The firm has a market cap of $7.32 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 4.75 and a beta of 1.00. NNN REIT has a twelve month low of $34.38 and a twelve month high of $44.96.

Hedge Funds Weigh In On NNN REIT

Several institutional investors have recently bought and sold shares of the company. Fortis Capital Advisors LLC purchased a new stake in shares of NNN REIT in the fourth quarter worth $30,000. Resurgent Financial Advisors LLC bought a new stake in shares of NNN REIT in the fourth quarter worth about $41,000. Sunbelt Securities Inc. bought a new stake in shares of NNN REIT in the first quarter worth about $53,000. Covestor Ltd lifted its holdings in NNN REIT by 88.6% in the first quarter. Covestor Ltd now owns 1,288 shares of the real estate investment trust's stock worth $58,000 after buying an additional 605 shares during the period. Finally, CENTRAL TRUST Co lifted its holdings in NNN REIT by 50.0% in the third quarter. CENTRAL TRUST Co now owns 1,650 shares of the real estate investment trust's stock worth $66,000 after buying an additional 550 shares during the period. Hedge funds and other institutional investors own 89.96% of the company's stock.

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.