Barclays Initiates Coverage on NNN REIT (NYSE:NNN)

Barclays started coverage on shares of NNN REIT (NYSE:NNN) in a research report report published on Tuesday, MarketBeat Ratings reports. The firm issued an overweight rating and a $48.00 price objective on the real estate investment trust’s stock.

A number of other equities research analysts also recently weighed in on the company. B. Riley lowered their target price on NNN REIT from $49.00 to $46.50 and set a “buy” rating for the company in a report on Wednesday, December 4th. Raymond James lifted their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 target price (up from $47.00) on shares of NNN REIT in a research note on Tuesday, October 1st. UBS Group decreased their price target on shares of NNN REIT from $49.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Finally, Colliers Securities lowered shares of NNN REIT from a “buy” rating to a “neutral” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $46.17.

NNN REIT Stock Performance

Shares of NNN REIT stock opened at $39.77 on Tuesday. The company has a market cap of $7.46 billion, a P/E ratio of 18.41, a PEG ratio of 2.16 and a beta of 1.10. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.00. The business has a 50-day moving average price of $44.22 and a two-hundred day moving average price of $45.04. NNN REIT has a 1-year low of $38.88 and a 1-year high of $49.57.

NNN REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.58 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.83%. NNN REIT’s dividend payout ratio is presently 107.41%.

Insider Activity at NNN REIT

In other news, EVP Michelle Lynn Miller sold 1,000 shares of the firm’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 transaction of $42,510.00. Following the completion of the sale, 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 SEC, which is available at this hyperlink. 0.80% of the stock is owned by insiders.

Hedge Funds Weigh In On NNN REIT

Institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC raised its stake in NNN REIT by 19.0% in the 3rd quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust’s stock valued at $15,280,000 after acquiring an additional 50,213 shares during the period. Raymond James Trust N.A. lifted its stake in shares of NNN REIT by 19.6% during the 2nd quarter. Raymond James Trust N.A. now owns 12,920 shares of the real estate investment trust’s stock valued at $550,000 after buying an additional 2,120 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in 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 period. OVERSEA CHINESE BANKING Corp Ltd grew its stake in NNN REIT by 17.8% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 188,369 shares of the real estate investment trust’s stock valued at $9,134,000 after buying an additional 28,476 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in NNN REIT by 40.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 52,200 shares of the real estate investment trust’s stock valued at $2,531,000 after acquiring an additional 15,100 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.