NNN REIT (NYSE:NNN) Sets New 12-Month High Following Dividend Announcement

NNN REIT, Inc. (NYSE:NNN)’s share price reached a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as $49.10 and last traded at $49.10, with a volume of 205184 shares trading hands. The stock had previously closed at $47.95.

The newly announced dividend which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 4.70%. The ex-dividend date is Thursday, October 31st. NNN REIT’s dividend payout ratio is currently 106.42%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NNN shares. UBS Group boosted their price target on NNN REIT from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday. Raymond James upped their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. B. Riley raised their target price 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. StockNews.com raised 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 increased their price objective on shares of NNN REIT from $43.00 to $46.00 and gave the company a “sector perform” rating in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, NNN REIT has an average rating of “Hold” and a consensus target price of $47.33.

NNN REIT Trading Up 0.7 %

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 market capitalization of $9.05 billion, a P/E ratio of 22.64, a PEG ratio of 3.79 and a beta of 1.09. The firm’s 50-day simple moving average is $47.47 and its 200 day simple moving average is $44.27.

NNN REIT (NYSE:NNN) last released its earnings results 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 business had revenue of $216.81 million during 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%. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 earnings per share. Equities research analysts anticipate that NNN REIT, Inc. will post 3.3 EPS for the current fiscal year.

Insider Transactions at NNN REIT

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 69,756 shares of the company’s stock, valued at $3,270,161.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Sound Income Strategies LLC boosted its stake in NNN REIT by 451.3% in 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 purchasing an additional 216,855 shares during the period. SG Americas Securities LLC grew its holdings in shares of NNN REIT by 95.5% during the first quarter. SG Americas Securities LLC now owns 63,745 shares of the real estate investment trust’s stock valued at $2,724,000 after buying an additional 31,141 shares in the last quarter. Handelsbanken Fonder AB raised its position in NNN REIT by 40.7% during the third quarter. Handelsbanken Fonder AB now owns 52,200 shares of the real estate investment trust’s stock valued at $2,531,000 after buying an additional 15,100 shares during the period. DGS Capital Management LLC acquired a new position in NNN REIT during the first quarter valued at $212,000. Finally, Pathway Financial Advisers LLC acquired a new stake in NNN REIT during the 1st quarter worth about $184,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.