Raymond James Trust N.A. Boosts Position in NNN REIT, Inc. (NYSE:NNN)

Raymond James Trust N.A. raised its stake in shares of NNN REIT, Inc. (NYSE:NNN) by 19.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,920 shares of the real estate investment trust’s stock after buying an additional 2,120 shares during the quarter. Raymond James Trust N.A.’s holdings in NNN REIT were worth $550,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. LRI Investments LLC grew its position in shares of NNN REIT by 100.6% in the second quarter. LRI Investments LLC now owns 1,613 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 809 shares during the period. Sound Income Strategies LLC increased its position in shares of NNN REIT by 451.3% in the second 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 in the last quarter. Bruce G. Allen Investments LLC raised its position in NNN REIT by 1,276.8% in the second quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 1,047 shares during the period. Versant Capital Management Inc acquired a new position in NNN REIT during the 2nd quarter worth approximately $59,000. Finally, GAMMA Investing LLC boosted its stake in shares of NNN REIT by 93.2% in the second quarter. GAMMA Investing LLC now owns 2,328 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 1,123 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

NNN REIT Stock Up 0.9 %

Shares of NYSE:NNN opened at $47.02 on Tuesday. NNN REIT, Inc. has a 52 week low of $34.38 and a 52 week high of $47.19. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.52 and a current ratio of 1.72. The company has a market cap of $8.62 billion, a PE ratio of 21.57, a price-to-earnings-growth ratio of 3.63 and a beta of 1.07. The firm has a 50 day simple moving average of $44.60 and a 200 day simple moving average of $42.59.

NNN REIT (NYSE:NNN) last posted its quarterly 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). The company had revenue of $216.81 million for 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 revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 earnings per share. As a group, research analysts expect that NNN REIT, Inc. will post 3.29 earnings per share for the current year.

NNN REIT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.58 per share. 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. This represents a $2.32 annualized dividend and a yield of 4.93%. NNN REIT’s dividend payout ratio is presently 106.42%.

Insider Transactions at NNN REIT

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 69,756 shares in the company, valued at $3,270,161.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on NNN shares. Raymond James increased their target price on NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. UBS Group raised their price target on NNN REIT from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. B. Riley raised their price target on shares of NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Wells Fargo & Company cut their price objective on shares of NNN REIT from $43.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 30th. Finally, Royal Bank of Canada increased their price target on NNN REIT from $43.00 to $46.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, NNN REIT presently has a consensus rating of “Hold” and an average price target of $45.50.

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.