NNN REIT (NYSE:NNN) Reaches New 12-Month High After Dividend Announcement

NNN REIT, Inc. (NYSE:NNN) reached a new 52-week high during mid-day trading on Tuesday following a dividend announcement from the company. The company traded as high as $49.10 and last traded at $49.10, with a volume of 205184 shares. The stock had previously closed at $47.95.

The newly announced dividend which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 4.73%. NNN REIT’s dividend payout ratio is currently 106.42%.

Analyst Ratings Changes

Several brokerages have weighed in on NNN. B. Riley increased their price target on NNN REIT from $42.50 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Royal Bank of Canada increased 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. UBS Group increased their price target on NNN REIT from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 target price (up from $47.00) on shares of NNN REIT in a research note on Tuesday, October 1st. Finally, Raymond James increased their target price on shares of NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $46.83.

NNN REIT Price Performance

The stock has a market capitalization of $8.99 billion, a PE ratio of 22.49, a price-to-earnings-growth ratio of 3.79 and a beta of 1.09. The stock’s 50 day moving average is $47.41 and its two-hundred day moving average is $44.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.72 and a current ratio of 1.72.

NNN REIT (NYSE:NNN) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). The company had revenue of $216.81 million during the quarter, compared to analysts’ expectations of $212.30 million. NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.80 earnings per share. On average, equities analysts anticipate that NNN REIT, Inc. will post 3.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the firm’s 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 directly owns 69,756 shares of the company’s stock, valued at $3,270,161.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of NNN REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sound Income Strategies LLC increased its holdings in shares of NNN REIT by 19.0% during the 3rd quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust’s stock worth $15,280,000 after buying an additional 50,213 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of NNN REIT by 23.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,881 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 553 shares during the last quarter. Handelsbanken Fonder AB increased its holdings 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 worth $2,531,000 after buying an additional 15,100 shares during the last quarter. Pathway Financial Advisers LLC increased its holdings in shares of NNN REIT by 32.9% during the 2nd quarter. Pathway Financial Advisers LLC now owns 5,709 shares of the real estate investment trust’s stock worth $243,000 after buying an additional 1,414 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in shares of NNN REIT by 4.1% during the 2nd quarter. Amalgamated Bank now owns 103,756 shares of the real estate investment trust’s stock worth $4,420,000 after buying an additional 4,088 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

NNN REIT Company 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.