NNN REIT (NYSE:NNN) Releases FY24 Earnings Guidance

NNN REIT (NYSE:NNN) issued an update on its FY24 earnings guidance on Thursday morning. 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 Upgrades and Downgrades

A number of analysts have issued reports on the stock. B. Riley lifted their target price on shares of NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Colliers Securities downgraded shares of NNN REIT from a “buy” rating to a “neutral” rating in a research report on Friday. UBS Group increased their target price on NNN REIT from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reduced their price target on NNN REIT from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday. Finally, Raymond James upped their price target on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $47.17.

NNN REIT Price Performance

Shares of NYSE NNN traded down $0.04 during mid-day trading on Friday, reaching $43.40. The company had a trading volume of 1,533,581 shares, compared to its average volume of 988,229. NNN REIT has a one year low of $37.69 and a one year high of $49.57. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.72 and a current ratio of 1.72. The business’s 50-day simple moving average is $47.71 and its 200 day simple moving average is $44.75. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 20.09, a PEG 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). NNN REIT had a net margin of 45.63% and a return on equity of 9.47%. The business had revenue of $216.81 million during the quarter, compared to the consensus estimate of $212.30 million. During the same quarter in the prior year, the firm earned $0.80 EPS. The business’s revenue was up 7.0% on a year-over-year basis. On average, research analysts predict that NNN REIT will post 3.3 earnings per share for the current fiscal year.

NNN REIT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 dividend yield of 5.35%. The ex-dividend date is Thursday, October 31st. NNN REIT’s payout ratio is 107.41%.

Insider Buying and Selling

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

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.