NNN REIT, Inc. (NYSE:NNN) to Issue Dividend Increase – $0.58 Per Share

NNN REIT, Inc. (NYSE:NNN) declared a quarterly dividend on Monday, July 15th, RTT News reports. Shareholders of record on Wednesday, July 31st will be paid 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 5.23%. 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% annually over the last three years and has raised its dividend annually for the last 34 consecutive years. NNN REIT has a payout ratio of 110.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect NNN REIT to earn $3.41 per share next year, which means the company should continue to be able to cover its $2.26 annual dividend with an expected future payout ratio of 66.3%.

NNN REIT Stock Performance

Shares of NYSE:NNN opened at $44.36 on Monday. The company’s 50 day moving average price is $42.16 and its two-hundred day moving average price is $41.74. NNN REIT has a 12-month low of $34.38 and a 12-month high of $44.87. The firm has a market cap of $8.13 billion, a PE ratio of 20.35, a PEG ratio of 3.50 and a beta of 1.07. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.04.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NNN shares. StockNews.com upgraded shares of NNN REIT from a “hold” rating to a “buy” rating in a research report on Friday. Wells Fargo & Company reduced their price target on shares of 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. BNP Paribas upgraded shares of NNN REIT from an “underperform” rating to a “neutral” rating and set a $42.00 price target on the stock in a research report on Thursday, May 2nd. Finally, UBS Group assumed coverage on shares of NNN REIT in a research report on Friday, May 31st. They set a “neutral” rating and a $41.00 price target on the stock. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $43.67.

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.