NNN REIT, Inc. Plans Quarterly Dividend of $0.57 (NYSE:NNN)

NNN REIT, Inc. (NYSE:NNN) declared a quarterly dividend on Monday, April 15th, RTT News reports. Investors of record on Tuesday, April 30th will be given a dividend of 0.565 per share by the real estate investment trust on Wednesday, May 15th. This represents a $2.26 annualized dividend and a dividend yield of 5.65%.

NNN REIT has raised its dividend by an average of 10.5% annually over the last three years and has increased its dividend every year for the last 34 years. NNN REIT has a payout ratio of 110.8% 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 $3.40 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 66.5%.

NNN REIT Price Performance

NYSE:NNN opened at $40.01 on Tuesday. NNN REIT has a 1-year low of $34.38 and a 1-year high of $44.96. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.05. The firm has a fifty day simple moving average of $41.36 and a 200 day simple moving average of $40.29. The stock has a market capitalization of $7.32 billion, a PE ratio of 18.52, a P/E/G ratio of 4.75 and a beta of 1.00.

Hedge Funds Weigh In On NNN REIT

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NNN. Mercer Global Advisors Inc. ADV raised its stake in NNN REIT by 5.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 4,843 shares of the real estate investment trust’s stock worth $207,000 after acquiring an additional 261 shares in the last quarter. Advisor Partners II LLC grew its holdings in shares of NNN REIT by 6.3% during the first quarter. Advisor Partners II LLC now owns 4,860 shares of the real estate investment trust’s stock worth $215,000 after purchasing an additional 288 shares during the last quarter. First Republic Investment Management Inc. grew its holdings in shares of NNN REIT by 4.2% during the fourth quarter. First Republic Investment Management Inc. now owns 7,430 shares of the real estate investment trust’s stock worth $340,000 after purchasing an additional 300 shares during the last quarter. Utah Retirement Systems grew its holdings in shares of NNN REIT by 1.0% during the fourth quarter. Utah Retirement Systems now owns 31,486 shares of the real estate investment trust’s stock worth $1,441,000 after purchasing an additional 300 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of NNN REIT by 4.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 8,341 shares of the real estate investment trust’s stock worth $382,000 after purchasing an additional 342 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

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.