B. Riley Has Bearish Forecast for NNN REIT FY2024 Earnings

NNN REIT, Inc. (NYSE:NNN) – Analysts at B. Riley cut their FY2024 earnings estimates for NNN REIT in a research report issued to clients and investors on Wednesday, December 4th. B. Riley analyst J. Massocca now expects that the real estate investment trust will earn $3.28 per share for the year, down from their previous estimate of $3.33. B. Riley has a “Buy” rating and a $46.50 price objective on the stock. The consensus estimate for NNN REIT’s current full-year earnings is $3.28 per share. B. Riley also issued estimates for NNN REIT’s Q4 2024 earnings at $0.82 EPS, Q1 2025 earnings at $0.82 EPS and Q2 2025 earnings at $0.84 EPS.

Other research analysts have also issued research reports about the company. Wells Fargo & Company restated an “equal weight” rating and issued a $50.00 target price (up previously from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. Robert W. Baird raised their price objective on NNN REIT from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. BNP Paribas lowered shares of NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 target price for the company. in a research note on Monday, November 4th. Colliers Securities lowered shares of NNN REIT from a “buy” rating to a “neutral” rating in a research report on Friday, November 1st. Finally, Royal Bank of Canada cut their price target on shares of NNN REIT from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $45.93.

NNN REIT Price Performance

NNN stock opened at $42.50 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.85 and a current ratio of 2.85. The business has a 50-day simple moving average of $45.31 and a two-hundred day simple moving average of $45.03. The company has a market capitalization of $7.97 billion, a P/E ratio of 19.68, a price-to-earnings-growth ratio of 2.18 and a beta of 1.10. NNN REIT has a 52-week low of $38.88 and a 52-week high of $49.57.

NNN REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $2.32 annualized dividend and a yield of 5.46%. NNN REIT’s payout ratio is currently 107.41%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Sound Income Strategies LLC lifted its stake in NNN REIT by 451.3% in the second quarter. Sound Income Strategies LLC now owns 264,905 shares of the real estate investment trust’s stock valued at $11,285,000 after purchasing an additional 216,855 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of NNN REIT by 17.8% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 188,369 shares of the real estate investment trust’s stock valued at $9,134,000 after buying an additional 28,476 shares during the period. Handelsbanken Fonder AB lifted its position in shares of NNN REIT by 40.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 52,200 shares of the real estate investment trust’s stock valued at $2,531,000 after buying an additional 15,100 shares during the last quarter. Strengthening Families & Communities LLC grew its stake in shares of NNN REIT by 7.1% during the 3rd quarter. Strengthening Families & Communities LLC now owns 63,238 shares of the real estate investment trust’s stock worth $3,066,000 after acquiring an additional 4,170 shares during the period. Finally, Amalgamated Bank increased its holdings in NNN REIT by 4.1% in the 2nd quarter. Amalgamated Bank now owns 103,756 shares of the real estate investment trust’s stock worth $4,420,000 after acquiring an additional 4,088 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.