NNN REIT (NYSE:NNN) Hits New 1-Year High at $49.99

NNN REIT, Inc. (NYSE:NNN) shares reached a new 52-week high during trading on Monday . The stock traded as high as $49.99 and last traded at $49.99, with a volume of 352 shares traded. The stock had previously closed at $48.75.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. UBS Group increased their price objective on NNN REIT from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Royal Bank of Canada raised their price objective on shares of NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday, August 2nd. Wells Fargo & Company reduced their target price on shares of NNN REIT from $43.00 to $42.00 and set an “equal weight” rating for the company in a report on Thursday, May 30th. StockNews.com raised NNN REIT from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Finally, B. Riley upped their price objective on NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, NNN REIT presently has a consensus rating of “Hold” and an average price target of $45.50.

NNN REIT Trading Down 0.5 %

The firm has a market cap of $8.90 billion, a PE ratio of 22.27, a P/E/G ratio of 3.86 and a beta of 1.09. The company’s fifty day moving average price is $46.28 and its two-hundred day moving average price is $43.35. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04.

NNN REIT (NYSE:NNN) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share 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 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 in the prior year, the firm posted $0.80 EPS. As a group, sell-side analysts forecast 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 given a $0.58 dividend. This is a boost from NNN REIT’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $2.32 annualized dividend and a yield of 4.78%. NNN REIT’s dividend payout ratio is presently 106.42%.

Insiders Place Their Bets

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total value of $187,520.00. Following the completion of the transaction, the executive vice president now owns 69,756 shares in the company, valued at approximately $3,270,161.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On NNN REIT

Several hedge funds have recently bought and sold shares of NNN. Nicholas Hoffman & Company LLC. increased its position in shares of NNN REIT by 1.8% in the second quarter. Nicholas Hoffman & Company LLC. now owns 13,325 shares of the real estate investment trust’s stock valued at $568,000 after buying an additional 240 shares in the last quarter. LRI Investments LLC purchased a new position in NNN REIT during the 1st quarter valued at about $34,000. Riverview Trust Co acquired a new position in NNN REIT during the first quarter worth about $43,000. Bruce G. Allen Investments LLC lifted its holdings in shares of NNN REIT by 1,276.8% in the second quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 1,047 shares in the last quarter. Finally, GAMMA Investing LLC grew its position 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 valued at $99,000 after purchasing an additional 1,123 shares during the last quarter. 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.