Everence Capital Management Inc. Makes New $206,000 Investment in NNN REIT, Inc. (NYSE:NNN)

Everence Capital Management Inc. acquired a new stake in NNN REIT, Inc. (NYSE:NNN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,050 shares of the real estate investment trust’s stock, valued at approximately $206,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NNN. Sound Income Strategies LLC boosted its holdings in NNN REIT by 19.0% in the third quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust’s stock valued at $15,280,000 after purchasing an additional 50,213 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of NNN REIT by 17.8% in the 3rd 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 boosted its stake in shares of NNN REIT by 40.7% in the third 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. DGS Capital Management LLC acquired a new stake in NNN REIT during the third quarter worth about $236,000. Finally, Strengthening Families & Communities LLC raised its position in NNN REIT by 7.1% during the third quarter. Strengthening Families & Communities LLC now owns 63,238 shares of the real estate investment trust’s stock valued at $3,066,000 after acquiring an additional 4,170 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

NNN REIT Stock Up 0.3 %

NYSE NNN opened at $38.86 on Thursday. The business has a fifty day moving average price of $42.09 and a 200 day moving average price of $44.88. 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 company has a market cap of $7.29 billion, a P/E ratio of 17.99, a P/E/G ratio of 2.17 and a beta of 1.11. NNN REIT, Inc. has a one year low of $38.38 and a one year high of $49.57.

NNN REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 5.97%. The ex-dividend date of this dividend was Thursday, October 31st. NNN REIT’s dividend payout ratio is currently 107.41%.

Analyst Ratings Changes

NNN has been the topic of a number of analyst reports. B. Riley dropped their price objective on shares of NNN REIT from $49.00 to $46.50 and set a “buy” rating on the stock in a research note on Wednesday, December 4th. Barclays assumed coverage on shares of NNN REIT in a research report on Tuesday, December 17th. They set an “overweight” rating and a $48.00 price target on the stock. Jefferies Financial Group lowered shares of NNN REIT from a “buy” rating to a “hold” rating and lowered their target price for the stock from $52.00 to $43.00 in a research note on Thursday, January 2nd. UBS Group cut their price target on NNN REIT from $49.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Finally, BNP Paribas downgraded NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 price target on the stock. in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $45.85.

Insider Buying and Selling

In other NNN REIT news, EVP Michelle Lynn Miller sold 1,000 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total transaction of $42,510.00. Following the transaction, the executive vice president now owns 68,756 shares of the company’s stock, valued at approximately $2,922,817.56. The trade was a 1.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.82% of the stock is currently owned by company insiders.

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.