NNN REIT (NYSE:NNN) Shares Down 2.5%

NNN REIT, Inc. (NYSE:NNN)’s stock price was down 2.5% during trading on Thursday . The stock traded as low as $47.23 and last traded at $47.23. Approximately 347,896 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,176,235 shares. The stock had previously closed at $48.44.

Wall Street Analysts Forecast Growth

NNN has been the subject of a number of research reports. Royal Bank of Canada raised their target price on shares of NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Friday, August 2nd. Raymond James raised their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. B. Riley upped their target price on NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company lowered their target price on 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, StockNews.com upgraded NNN REIT from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $45.50.

NNN REIT Price Performance

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 company’s fifty day moving average price is $46.52 and its 200 day moving average price is $43.44. The company has a market capitalization of $8.70 billion, a P/E ratio of 21.79, a PEG ratio of 3.86 and a beta of 1.09.

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

NNN REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a dividend of $0.58 per share. This is a boost 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 4.89%. NNN REIT’s dividend payout ratio is currently 106.42%.

Insiders Place Their Bets

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the business’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 completion of the transaction, the executive vice president now directly owns 69,756 shares in the company, valued at approximately $3,270,161.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On NNN REIT

A number of institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in shares of NNN REIT by 1,703.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,731 shares of the real estate investment trust’s stock worth $75,000 after buying an additional 1,635 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of NNN REIT by 94.9% during the fourth quarter. Parallel Advisors LLC now owns 5,573 shares of the real estate investment trust’s stock worth $240,000 after purchasing an additional 2,714 shares during the last quarter. Cibc World Markets Corp acquired a new position in shares of NNN REIT in the fourth quarter valued at approximately $2,625,000. Strategic Advocates LLC bought a new position in NNN REIT in the 1st quarter valued at approximately $329,000. Finally, Steph & Co. acquired a new stake in NNN REIT during the 1st quarter worth approximately $170,000. Institutional investors and hedge funds 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.