NNN REIT, Inc. (NYSE:NNN) Stock Holdings Raised by Amalgamated Bank

Amalgamated Bank lifted its stake in shares of NNN REIT, Inc. (NYSE:NNN) by 4.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 103,756 shares of the real estate investment trust’s stock after purchasing an additional 4,088 shares during the period. Amalgamated Bank owned about 0.06% of NNN REIT worth $4,420,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of NNN. Sound Income Strategies LLC increased its stake in NNN REIT by 451.3% during 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. SG Americas Securities LLC raised its stake in NNN REIT by 95.5% during the first quarter. SG Americas Securities LLC now owns 63,745 shares of the real estate investment trust’s stock worth $2,724,000 after acquiring an additional 31,141 shares during the period. Cibc World Markets Corp bought a new position in NNN REIT in the fourth quarter worth about $2,625,000. Nicholas Hoffman & Company LLC. boosted its stake in NNN REIT by 1.8% in the second quarter. Nicholas Hoffman & Company LLC. now owns 13,325 shares of the real estate investment trust’s stock valued at $568,000 after acquiring an additional 240 shares during the period. Finally, Raymond James Trust N.A. grew its holdings in shares of NNN REIT by 19.6% during the second quarter. Raymond James Trust N.A. now owns 12,920 shares of the real estate investment trust’s stock valued at $550,000 after purchasing an additional 2,120 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NNN has been the topic of several recent research reports. Raymond James raised their price target on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Wells Fargo & Company lowered their price target on shares of NNN REIT from $43.00 to $42.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. StockNews.com upgraded NNN REIT from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. UBS Group raised their target price on NNN REIT from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Finally, Royal Bank of Canada boosted their price target on NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $45.50.

Insider Buying and Selling

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of NNN REIT stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total value of $187,520.00. Following the transaction, the executive vice president now owns 69,756 shares in the company, valued at $3,270,161.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.82% of the company’s stock.

NNN REIT Price Performance

NYSE NNN opened at $47.79 on Friday. The firm has a market capitalization of $8.76 billion, a PE ratio of 21.92, a P/E/G ratio of 3.86 and a beta of 1.09. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.72. NNN REIT, Inc. has a 12 month low of $34.38 and a 12 month high of $49.10. The company’s 50 day simple moving average is $46.66 and its 200 day simple moving average is $43.52.

NNN REIT (NYSE:NNN) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). The firm had revenue of $216.81 million during the quarter, compared to the consensus estimate of $212.30 million. NNN REIT had a return on equity of 9.70% and a net margin of 47.39%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 EPS. As a group, equities research analysts forecast that NNN REIT, Inc. will post 3.3 EPS for the current fiscal year.

NNN REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.58 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $2.32 annualized dividend and a dividend yield of 4.85%. This is a boost from NNN REIT’s previous quarterly dividend of $0.57. NNN REIT’s payout ratio is currently 106.42%.

NNN REIT Profile

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.