LRI Investments LLC Acquires New Position in NNN REIT, Inc. (NYSE:NNN)

LRI Investments LLC acquired a new position in shares of NNN REIT, Inc. (NYSE:NNN) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 804 shares of the real estate investment trust’s stock, valued at approximately $34,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Cibc World Markets Corp acquired a new position in NNN REIT during the fourth quarter worth about $2,625,000. Sound Income Strategies LLC raised its position in shares of NNN REIT by 96,000.0% during the 1st quarter. Sound Income Strategies LLC now owns 48,050 shares of the real estate investment trust’s stock worth $2,054,000 after purchasing an additional 48,000 shares during the last quarter. SG Americas Securities LLC lifted its stake in NNN REIT by 95.5% in the 1st 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. Harbour Trust & Investment Management Co acquired a new stake in NNN REIT during the 4th quarter valued at $1,634,000. Finally, GAMMA Investing LLC purchased a new position in NNN REIT during the fourth quarter worth $39,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NNN shares. StockNews.com upgraded NNN REIT from a “hold” rating to a “buy” rating in a research report on Friday. Royal Bank of Canada upped their target price on shares of NNN REIT from $43.00 to $46.00 and gave the company a “sector perform” rating in a report on Friday. Wells Fargo & Company lowered their price target 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. BNP Paribas raised shares of NNN REIT from an “underperform” rating to a “neutral” rating and set a $42.00 price objective on the stock in a research note on Thursday, May 2nd. Finally, UBS Group raised their target price on shares of NNN REIT from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Four 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, the company presently has a consensus rating of “Hold” and a consensus price target of $45.17.

NNN REIT Stock Performance

NYSE:NNN opened at $46.57 on Friday. NNN REIT, Inc. has a 1-year low of $34.38 and a 1-year high of $46.78. The stock has a market cap of $8.54 billion, a P/E ratio of 21.36, a PEG ratio of 3.63 and a beta of 1.07. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 0.52. The firm has a 50-day moving average of $43.23 and a two-hundred day moving average of $42.03.

NNN REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be issued a dividend of $0.58 per share. The ex-dividend date is Wednesday, July 31st. This is an increase from NNN REIT’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 4.98%. NNN REIT’s payout ratio is currently 106.42%.

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.