NNN REIT, Inc. (NNN) To Go Ex-Dividend on July 31st

NNN REIT, Inc. (NYSE:NNN) announced 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 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend is Wednesday, July 31st. This is an increase from NNN REIT’s previous quarterly dividend of $0.57.

NNN REIT has increased its dividend by an average of 10.4% annually over the last three years and has increased its dividend every year for the last 35 years. NNN REIT has a payout ratio of 113.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect NNN REIT to earn $3.41 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 68.0%.

NNN REIT Price Performance

Shares of NYSE NNN opened at $45.52 on Monday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of 20.88, a price-to-earnings-growth ratio of 3.59 and a beta of 1.07. NNN REIT has a twelve month low of $34.38 and a twelve month high of $46.75. The business has a 50 day simple moving average of $42.82 and a 200-day simple moving average of $41.92.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wells Fargo & Company lowered their target price on shares of NNN REIT from $43.00 to $42.00 and set an “equal weight” rating for the company in a research note on Thursday, May 30th. BNP Paribas raised shares of NNN REIT from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a research report on Thursday, May 2nd. UBS Group raised their target price on shares of NNN REIT from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Finally, StockNews.com lowered NNN REIT from a “buy” rating to a “hold” rating in a report on Thursday. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $44.50.

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.