Red Spruce Capital LLC Cuts Stake in NNN REIT, Inc. (NYSE:NNN)

Red Spruce Capital LLC lessened its holdings in shares of NNN REIT, Inc. (NYSE:NNN) by 4.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,154 shares of the real estate investment trust’s stock after selling 1,651 shares during the period. Red Spruce Capital LLC’s holdings in NNN REIT were worth $1,802,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in NNN REIT in the first quarter valued at about $34,000. Riverview Trust Co acquired a new stake in NNN REIT in the 1st quarter worth approximately $43,000. Bruce G. Allen Investments LLC grew its position in NNN REIT by 1,276.8% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 1,047 shares during the last quarter. Versant Capital Management Inc acquired a new position in NNN REIT during the 2nd quarter valued at approximately $59,000. Finally, GAMMA Investing LLC raised its holdings 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 worth $99,000 after buying an additional 1,123 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. StockNews.com raised shares of NNN REIT from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. B. Riley boosted their price target on NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. UBS Group raised their price objective on NNN REIT from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Raymond James upped their target price on NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 price target (up from $47.00) on shares of NNN REIT in a research report on Tuesday. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, NNN REIT presently has an average rating of “Hold” and an average price target of $46.83.

Insider Activity

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $46.88, for a total transaction of $187,520.00. Following the transaction, the executive vice president now owns 69,756 shares in the company, valued at $3,270,161.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.82% of the company’s stock.

NNN REIT Stock Performance

NNN stock traded down $0.47 during trading on Friday, hitting $47.89. 833,039 shares of the company traded hands, compared to its average volume of 1,168,350. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.72. NNN REIT, Inc. has a 1 year low of $34.46 and a 1 year high of $49.10. The stock’s 50-day simple moving average is $47.17 and its 200 day simple moving average is $43.95. The company has a market cap of $8.78 billion, a PE ratio of 21.97, a P/E/G ratio of 3.84 and a beta of 1.09.

NNN REIT (NYSE:NNN) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.24). The firm 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%. NNN REIT’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the firm earned $0.80 earnings per share. On average, equities analysts expect that NNN REIT, Inc. will post 3.3 earnings per share for the current fiscal year.

NNN REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.58 dividend. This is a positive change from NNN REIT’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 4.84%. The ex-dividend date was Wednesday, July 31st. NNN REIT’s dividend payout ratio (DPR) is presently 106.42%.

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.