Red Spruce Capital LLC Increases Stock Holdings in NNN REIT, Inc. (NYSE:NNN)

Red Spruce Capital LLC lifted its position in shares of NNN REIT, Inc. (NYSE:NNN) by 16.9% during the fourth quarter, Holdings Channel reports. The firm owned 43,443 shares of the real estate investment trust’s stock after acquiring an additional 6,289 shares during the period. Red Spruce Capital LLC’s holdings in NNN REIT were worth $1,775,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its stake in shares of NNN REIT by 14.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 280 shares during the last quarter. GAMMA Investing LLC boosted its position in NNN REIT by 23.8% in the third quarter. GAMMA Investing LLC now owns 2,881 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 553 shares during the last quarter. DGS Capital Management LLC bought a new position in NNN REIT in the 3rd quarter valued at $236,000. Everence Capital Management Inc. purchased a new stake in shares of NNN REIT during the 4th quarter valued at $206,000. Finally, Steph & Co. raised its stake in shares of NNN REIT by 8.2% during the 4th quarter. Steph & Co. now owns 5,664 shares of the real estate investment trust’s stock worth $231,000 after purchasing an additional 429 shares during the period. 89.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on NNN shares. StockNews.com lowered shares of NNN REIT from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Morgan Stanley upgraded shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price target for the company in a research note on Wednesday, January 15th. BNP Paribas downgraded NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 price objective on the stock. in a research note on Monday, November 4th. Barclays started coverage on NNN REIT in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $48.00 target price on the stock. Finally, Janney Montgomery Scott downgraded NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $45.79.

NNN REIT Stock Performance

NYSE NNN opened at $40.56 on Wednesday. The stock has a market capitalization of $7.61 billion, a PE ratio of 18.78, a P/E/G ratio of 2.00 and a beta of 1.11. NNN REIT, Inc. has a 1 year low of $37.55 and a 1 year high of $49.57. The company’s 50 day simple moving average is $41.51 and its two-hundred day simple moving average is $44.72. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.85 and a quick ratio of 2.85.

NNN REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.72%. The ex-dividend date of this dividend is Friday, January 31st. NNN REIT’s payout ratio is currently 107.41%.

Insider Activity

In related news, EVP Michelle Lynn Miller sold 1,000 shares of NNN REIT 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 transaction, the executive vice president now owns 68,756 shares in the company, valued at $2,922,817.56. This trade represents a 1.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.80% 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.