NNN REIT (NYSE:NNN) Issues FY 2024 Earnings Guidance

NNN REIT (NYSE:NNN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 3.280-3.320 for the period, compared to the consensus estimate of 3.330. The company issued revenue guidance of -. NNN REIT also updated its FY24 guidance to $3.31-3.35 EPS.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. B. Riley boosted their price objective on shares of NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. UBS Group boosted their price target on shares of NNN REIT from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Colliers Securities cut NNN REIT from a “buy” rating to a “neutral” rating in a research note on Friday. Wells Fargo & Company reissued an “equal weight” rating and issued a $50.00 price objective (up from $47.00) on shares of NNN REIT in a research note on Tuesday, October 1st. Finally, StockNews.com cut shares of NNN REIT from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, NNN REIT presently has a consensus rating of “Hold” and a consensus target price of $47.17.

NNN REIT Stock Down 0.1 %

NYSE NNN traded down $0.04 on Friday, hitting $43.40. The stock had a trading volume of 1,533,581 shares, compared to its average volume of 988,229. NNN REIT has a 52-week low of $37.69 and a 52-week high of $49.57. The business’s fifty day moving average price is $47.71 and its 200 day moving average price is $44.75. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.72. The stock has a market cap of $7.97 billion, a price-to-earnings 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 earnings per share (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 analysts’ expectations of $212.30 million. NNN REIT had a return on equity of 9.47% and a net margin of 45.63%. NNN REIT’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.80 EPS. Equities research analysts anticipate that NNN REIT will post 3.3 earnings per share for the current year.

NNN REIT Announces Dividend

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

Insider Buying and Selling

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