Everence Capital Management Inc. Invests $206,000 in NNN REIT, Inc. (NYSE:NNN)

Everence Capital Management Inc. acquired a new stake in NNN REIT, Inc. (NYSE:NNN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,050 shares of the real estate investment trust’s stock, valued at approximately $206,000.

Other hedge funds also recently added to or reduced their stakes in the company. DGS Capital Management LLC acquired a new position in shares of NNN REIT in the 3rd quarter valued at $236,000. Goodman Financial Corp raised its holdings in NNN REIT by 1.2% in the 3rd quarter. Goodman Financial Corp now owns 290,061 shares of the real estate investment trust’s stock valued at $14,065,000 after buying an additional 3,388 shares during the period. Strengthening Families & Communities LLC lifted its position in NNN REIT by 7.1% in the third quarter. Strengthening Families & Communities LLC now owns 63,238 shares of the real estate investment trust’s stock valued at $3,066,000 after buying an additional 4,170 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in NNN REIT by 17.8% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 188,369 shares of the real estate investment trust’s stock worth $9,134,000 after buying an additional 28,476 shares during the period. Finally, Farther Finance Advisors LLC increased its position in shares of NNN REIT by 14.1% during the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 280 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NNN has been the subject of several research reports. B. Riley dropped their target price on shares of NNN REIT from $49.00 to $46.50 and set a “buy” rating for the company in a report on Wednesday, December 4th. Barclays assumed coverage on NNN REIT in a report on Tuesday, December 17th. They issued an “overweight” rating and a $48.00 price objective on the stock. Wells Fargo & Company restated an “equal weight” rating and set a $50.00 target price (up from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. UBS Group cut their price target on shares of NNN REIT from $49.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, Robert W. Baird raised their price objective on shares of NNN REIT from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $45.85.

NNN REIT Price Performance

Shares of NNN opened at $38.86 on Thursday. The firm has a market capitalization of $7.29 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 2.17 and a beta of 1.11. The firm’s fifty day simple moving average is $42.09 and its 200-day simple moving average is $44.88. NNN REIT, Inc. has a twelve month low of $38.38 and a twelve month high of $49.57. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.00.

NNN REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.58 per share. The ex-dividend date was Thursday, October 31st. This represents a $2.32 annualized dividend and a dividend yield of 5.97%. NNN REIT’s dividend payout ratio is currently 107.41%.

Insider Activity

In other NNN REIT news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 68,756 shares in the company, valued at $2,922,817.56. This represents a 1.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.82% of the company’s stock.

NNN REIT Company 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.