NNN REIT (NYSE:NNN) Coverage Initiated at Evercore ISI

Evercore ISI began coverage on shares of NNN REIT (NYSE:NNN) in a research report sent to investors on Friday, MarketBeat.com reports. The brokerage issued an inline rating and a $42.00 target price on the real estate investment trust’s stock.

Other analysts have also issued reports about the stock. Janney Montgomery Scott lowered shares of 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. B. Riley lowered their price target on NNN REIT from $49.00 to $46.50 and set a “buy” rating on the stock in a research report on Wednesday, December 4th. Royal Bank of Canada cut their price objective on NNN REIT from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. UBS Group lowered their target price on NNN REIT from $49.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Finally, Morgan Stanley raised 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 report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.50.

NNN REIT Price Performance

Shares of NNN opened at $39.37 on Friday. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 1.97 and a beta of 1.11. The stock’s fifty day moving average is $40.99 and its 200-day moving average is $44.50. NNN REIT has a one year low of $37.55 and a one year high of $49.57. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.85 and a current ratio of 2.85.

NNN REIT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $2.32 annualized dividend and a dividend yield of 5.89%. NNN REIT’s dividend payout ratio (DPR) is presently 107.41%.

Insider Activity at NNN REIT

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 68,756 shares in the company, valued at approximately $2,922,817.56. This represents a 1.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On NNN REIT

Hedge funds have recently made changes to their positions in the company. Sound Income Strategies LLC lifted its position in shares of NNN REIT by 9.6% in the 4th quarter. Sound Income Strategies LLC now owns 345,264 shares of the real estate investment trust’s stock valued at $14,104,000 after acquiring an additional 30,146 shares in the last quarter. Everence Capital Management Inc. purchased a new position in shares of NNN REIT during the 4th quarter valued at $206,000. SG Americas Securities LLC increased its stake in shares of NNN REIT by 3,469.0% in the fourth quarter. SG Americas Securities LLC now owns 91,294 shares of the real estate investment trust’s stock worth $3,729,000 after acquiring an additional 88,736 shares during the last quarter. Red Spruce Capital LLC increased its stake in shares of NNN REIT by 16.9% in the fourth quarter. Red Spruce Capital LLC now owns 43,443 shares of the real estate investment trust’s stock worth $1,775,000 after acquiring an additional 6,289 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings 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 worth $110,000 after acquiring an additional 280 shares in the last quarter. Hedge funds and other institutional investors own 89.96% 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.