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

NNN REIT, Inc. (NYSE:NNNGet Free Report) declared a quarterly dividend on Monday, April 15th, RTT News reports. Shareholders of record on Tuesday, April 30th will be paid 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 yield of 5.54%.

NNN REIT has increased its dividend by an average of 10.5% annually over the last three years and has raised its dividend every year for the last 34 years. NNN REIT has a payout ratio of 110.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Stock Performance

Shares of NNN REIT stock opened at $40.81 on Monday. 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 market capitalization of $7.46 billion, a P/E ratio of 18.89, a P/E/G ratio of 4.75 and a beta of 1.00. The business has a fifty day simple moving average of $41.36 and a two-hundred day simple moving average of $40.26. NNN REIT has a 12 month low of $34.38 and a 12 month high of $44.96.

Hedge Funds Weigh In On NNN REIT

Several large investors have recently modified their holdings of NNN. Vanguard Group Inc. grew its stake in shares of NNN REIT by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 26,142,210 shares of the real estate investment trust’s stock valued at $1,174,831,000 after purchasing an additional 305,161 shares during the period. BlackRock Inc. increased its position in shares of NNN REIT by 2.4% during the 1st quarter. BlackRock Inc. now owns 20,617,682 shares of the real estate investment trust’s stock valued at $910,271,000 after purchasing an additional 491,887 shares during the last quarter. State Street Corp increased its position in shares of NNN REIT by 8.8% during the 1st quarter. State Street Corp now owns 19,941,222 shares of the real estate investment trust’s stock valued at $896,159,000 after purchasing an additional 1,610,795 shares during the last quarter. Geode Capital Management LLC increased its position in shares of NNN REIT by 4.9% during the 1st quarter. Geode Capital Management LLC now owns 2,952,154 shares of the real estate investment trust’s stock valued at $130,338,000 after purchasing an additional 136,621 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in shares of NNN REIT by 29.0% during the 1st quarter. Federated Hermes Inc. now owns 2,556,747 shares of the real estate investment trust’s stock valued at $114,900,000 after purchasing an additional 574,203 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

About NNN REIT

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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.

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Dividend History for NNN REIT (NYSE:NNN)

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