NNN REIT (NYSE:NNN) Shares Gap Up – Here’s Why

Shares of NNN REIT, Inc. (NYSE:NNN) gapped up prior to trading on Tuesday . The stock had previously closed at $38.06, but opened at $39.14. NNN REIT shares last traded at $39.67, with a volume of 443,107 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NNN shares. Deutsche Bank Aktiengesellschaft assumed coverage on NNN REIT in a research report on Wednesday, December 11th. They set a “hold” rating and a $46.00 target price for the company. Morgan Stanley raised NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price target on the stock in a research report on Wednesday, January 15th. Jefferies Financial Group downgraded shares of NNN REIT from a “buy” rating to a “hold” rating and dropped their price objective for the company from $52.00 to $43.00 in a report on Thursday, January 2nd. Janney Montgomery Scott lowered shares of NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 target price for the company. in a research report on Wednesday, January 15th. Finally, Royal Bank of Canada reduced their price objective on shares of NNN REIT from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NNN REIT presently has a consensus rating of “Hold” and a consensus price target of $45.35.

NNN REIT Stock Performance

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’s fifty day simple moving average is $40.36 and its 200-day simple moving average is $44.18. The company has a market capitalization of $7.55 billion, a P/E ratio of 18.58, a P/E/G ratio of 1.94 and a beta of 1.11.

NNN REIT (NYSE:NNN) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $0.82 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.82. NNN REIT had a net margin of 45.63% and a return on equity of 9.37%. As a group, equities analysts anticipate that NNN REIT, Inc. will post 3.27 earnings per share for the current fiscal year.

NNN REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a dividend of $0.58 per share. The ex-dividend date is Friday, January 31st. This represents a $2.32 annualized dividend and a dividend yield of 5.76%. NNN REIT’s dividend payout ratio (DPR) is presently 107.41%.

Insider Buying and Selling

In other news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.51, for a total value of $42,510.00. Following the completion of the sale, the executive vice president now owns 68,756 shares of the company’s stock, valued at approximately $2,922,817.56. This represents a 1.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Sound Income Strategies LLC raised its stake in shares of NNN REIT by 9.6% in the fourth quarter. Sound Income Strategies LLC now owns 345,264 shares of the real estate investment trust’s stock worth $14,104,000 after purchasing an additional 30,146 shares during the last quarter. Everence Capital Management Inc. acquired a new position in NNN REIT in the 4th quarter worth approximately $206,000. SG Americas Securities LLC raised its position in NNN REIT by 3,469.0% during the 4th quarter. SG Americas Securities LLC now owns 91,294 shares of the real estate investment trust’s stock worth $3,729,000 after buying an additional 88,736 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in NNN REIT during the 4th quarter valued at approximately $527,000. Finally, Red Spruce Capital LLC boosted its holdings in shares of NNN REIT by 16.9% in the 4th quarter. Red Spruce Capital LLC now owns 43,443 shares of the real estate investment trust’s stock valued at $1,775,000 after acquiring an additional 6,289 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

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.