NNN REIT (NYSE:NNN) Updates FY24 Earnings Guidance

NNN REIT (NYSE:NNN) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $3.31-3.35 for the period, compared to the consensus estimate of $3.33. NNN REIT also updated its FY 2024 guidance to 3.280-3.320 EPS.

Analyst Ratings Changes

Several research firms have commented on NNN. B. Riley boosted their target price on NNN REIT from $42.50 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Royal Bank of Canada lowered their price target on NNN REIT from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday. UBS Group upped their price target on NNN REIT from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Raymond James lifted their price target 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. Finally, StockNews.com downgraded NNN REIT from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, NNN REIT has an average rating of “Hold” and a consensus target price of $47.17.

NNN REIT Trading Down 0.1 %

NYSE NNN traded down $0.04 during trading hours on Friday, hitting $43.40. 1,533,581 shares of the company were exchanged, compared to its average volume of 988,229. The stock has a 50-day moving average price of $47.71 and a 200 day moving average price of $44.75. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. NNN REIT has a 52 week low of $37.69 and a 52 week high of $49.57. The stock has a market cap of $7.97 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 3.46 and a beta of 1.10.

NNN REIT (NYSE:NNN) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). The business had revenue of $216.81 million for the quarter, compared to the consensus estimate of $212.30 million. NNN REIT had a net margin of 45.63% and a return on equity of 9.47%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 EPS. Analysts forecast that NNN REIT will post 3.3 earnings per share for the current fiscal year.

NNN REIT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.58 dividend. The ex-dividend date is Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.35%. NNN REIT’s payout ratio is 107.41%.

Insider Activity at NNN REIT

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $46.88, for a total transaction of $187,520.00. Following the completion of the sale, the executive vice president now owns 69,756 shares in the company, valued at $3,270,161.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is owned by company insiders.

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.