NNN REIT (NYSE:NNN) Shares Down 2.5%

NNN REIT, Inc. (NYSE:NNN) shares traded down 2.5% during trading on Thursday . The stock traded as low as $47.23 and last traded at $47.23. 347,896 shares were traded during trading, a decline of 70% from the average session volume of 1,176,235 shares. The stock had previously closed at $48.44.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NNN shares. Wells Fargo & Company reduced their target price on NNN REIT from $43.00 to $42.00 and set an “equal weight” rating on the stock in a report on Thursday, May 30th. UBS Group lifted 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. B. Riley boosted their target price on NNN REIT from $42.50 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. StockNews.com upgraded shares of NNN REIT from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada upped their price objective on shares of 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 issued a buy rating to the company. Based on data from MarketBeat.com, NNN REIT has an average rating of “Hold” and an average target price of $45.50.

NNN REIT Stock Up 0.7 %

The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 3.86 and a beta of 1.09. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average price of $46.66 and a 200 day moving average price of $43.50.

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

NNN REIT Increases Dividend

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

Insider Buying and Selling

In related news, EVP Michelle Lynn Miller sold 4,000 shares of NNN REIT stock in a transaction that occurred on Tuesday, August 6th. The stock was 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. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NNN REIT

Hedge funds have recently bought and sold shares of the company. Sound Income Strategies LLC grew its holdings in NNN REIT by 451.3% during the 2nd quarter. Sound Income Strategies LLC now owns 264,905 shares of the real estate investment trust’s stock worth $11,285,000 after acquiring an additional 216,855 shares during the period. Cibc World Markets Corp bought a new stake in NNN REIT in the fourth quarter worth approximately $2,625,000. SG Americas Securities LLC increased its holdings in NNN REIT by 95.5% in 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 purchasing an additional 31,141 shares in the last quarter. Strategic Advocates LLC acquired a new stake in shares of NNN REIT during the 1st quarter worth approximately $329,000. Finally, DGS Capital Management LLC bought a new stake in shares of NNN REIT in the 1st quarter valued at $212,000. 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.