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

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $50.00 price target (up from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. 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 report on Friday. StockNews.com cut NNN REIT from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Colliers Securities downgraded NNN REIT from a “buy” rating to a “neutral” rating in a report on Friday. Finally, UBS Group raised their target price on shares of NNN REIT from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $47.17.

NNN REIT Price Performance

Shares of 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. The company has a market capitalization of $7.97 billion, a price-to-earnings ratio of 20.09, a P/E/G ratio of 3.46 and a beta of 1.10. 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 company’s 50 day simple moving average is $47.71 and its 200 day simple moving average is $44.75. NNN REIT has a 1-year low of $37.69 and a 1-year high of $49.57.

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

NNN REIT Dividend Announcement

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 at NNN REIT

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $46.88, for a total value of $187,520.00. Following the sale, the executive vice president now owns 69,756 shares in the company, valued at approximately $3,270,161.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.82% of the company’s stock.

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.