FORA Capital LLC purchased a new position in shares of NNN REIT, Inc. (NYSE:NNN – Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 8,747 shares of the real estate investment trust’s stock, valued at approximately $386,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. raised its position in shares of NNN REIT by 0.8% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 34,006 shares of the real estate investment trust’s stock worth $1,556,000 after acquiring an additional 264 shares during the last quarter. Toronto Dominion Bank lifted its position in NNN REIT by 1.4% during the 4th quarter. Toronto Dominion Bank now owns 19,048 shares of the real estate investment trust’s stock valued at $871,000 after purchasing an additional 272 shares during the period. Albion Financial Group UT boosted its stake in shares of NNN REIT by 0.8% in the 1st quarter. Albion Financial Group UT now owns 35,449 shares of the real estate investment trust’s stock valued at $1,565,000 after purchasing an additional 284 shares during the last quarter. Carmel Capital Partners LLC grew its position in shares of NNN REIT by 5.0% during the 1st quarter. Carmel Capital Partners LLC now owns 6,209 shares of the real estate investment trust’s stock worth $274,000 after buying an additional 293 shares during the period. Finally, First Republic Investment Management Inc. raised its stake in shares of NNN REIT by 4.2% during the fourth quarter. First Republic Investment Management Inc. now owns 7,430 shares of the real estate investment trust’s stock worth $340,000 after buying an additional 300 shares during the last quarter. Institutional investors own 88.39% of the company’s stock.
Analyst Ratings Changes
NNN has been the topic of a number of recent research reports. Royal Bank of Canada reduced their price objective on shares of NNN REIT from $46.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 3rd. B. Riley decreased their price objective on NNN REIT from $50.00 to $46.00 in a research note on Tuesday, August 8th. StockNews.com started coverage on NNN REIT in a report on Thursday, August 17th. They issued a “hold” rating for the company. BNP Paribas started coverage on shares of NNN REIT in a report on Wednesday, June 14th. They issued an “underperform” rating and a $42.00 target price on the stock. Finally, Janney Montgomery Scott raised NNN REIT from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Wednesday, June 28th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, NNN REIT has a consensus rating of “Hold” and a consensus target price of $47.00.
NNN REIT Stock Down 0.8 %
NYSE:NNN opened at $38.22 on Thursday. The stock has a 50-day simple moving average of $41.26 and a 200 day simple moving average of $42.60. NNN REIT, Inc. has a 52-week low of $38.05 and a 52-week high of $48.21. The company has a market cap of $6.97 billion, a PE ratio of 18.73, a PEG ratio of 4.01 and a beta of 0.89. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.45 and a current ratio of 1.45.
NNN REIT Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were issued a $0.565 dividend. The ex-dividend date was Friday, July 28th. This is an increase from NNN REIT’s previous quarterly dividend of $0.55. This represents a $2.26 dividend on an annualized basis and a dividend yield of 5.91%. NNN REIT’s dividend payout ratio (DPR) is 110.78%.
About NNN REIT
NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2023, the company owned 3,479 properties in 49 states with a gross leasable area of approximately 35.5 million square feet and with a weighted average remaining lease term of 10.2 years.
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