NNN REIT, Inc. (NYSE:NNN) Increases Dividend to $0.58 Per Share

NNN REIT, Inc. (NYSE:NNN) announced a quarterly dividend on Monday, July 15th, RTT News reports. Stockholders of record on Wednesday, July 31st will be given a dividend of 0.58 per share by the real estate investment trust on Thursday, August 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.10%. The ex-dividend date of this dividend is Wednesday, July 31st. This is a boost from NNN REIT’s previous quarterly dividend of $0.57.

NNN REIT has raised its dividend payment by an average of 10.4% per year over the last three years and has raised its dividend every year for the last 35 years. NNN REIT has a payout ratio of 113.2% 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 $3.41 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 68.0%.

NNN REIT Price Performance

NNN REIT stock opened at $45.52 on Monday. The stock has a market cap of $8.35 billion, a price-to-earnings ratio of 20.88, a P/E/G ratio of 3.59 and a beta of 1.07. NNN REIT has a 12-month low of $34.38 and a 12-month high of $46.75. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.04. The business’s 50-day simple moving average is $42.82 and its 200 day simple moving average is $41.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NNN shares. StockNews.com downgraded shares of NNN REIT from a “buy” rating to a “hold” rating in a research note on Thursday. UBS Group upped their target price on shares of NNN REIT from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Wells Fargo & Company reduced their price target on NNN REIT from $43.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 30th. Finally, BNP Paribas upgraded NNN REIT from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a report on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, NNN REIT presently has a consensus rating of “Hold” and a consensus price target of $44.50.

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.