Level Four Advisory Services LLC purchased a new position in shares of NNN REIT, Inc. (NYSE:NNN – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,256 shares of the real estate investment trust’s stock, valued at approximately $320,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Fortis Capital Advisors LLC purchased a new position in shares of NNN REIT in the 4th quarter valued at approximately $30,000. Resurgent Financial Advisors LLC purchased a new position in shares of NNN REIT in the 4th quarter valued at approximately $41,000. HBC Financial Services PLLC purchased a new position in shares of NNN REIT in the 1st quarter valued at approximately $39,000. Altshuler Shaham Ltd purchased a new position in shares of NNN REIT in the 1st quarter valued at approximately $41,000. Finally, Quintet Private Bank Europe S.A. purchased a new position in shares of NNN REIT in the 1st quarter valued at approximately $53,000. Hedge funds and other institutional investors own 88.39% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on NNN. B. Riley lowered their target price on NNN REIT from $50.00 to $46.00 in a research note on Tuesday, August 8th. Royal Bank of Canada decreased their price target on 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. Oppenheimer decreased their price target on NNN REIT from $54.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 8th. StockNews.com assumed coverage on NNN REIT in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Janney Montgomery Scott upgraded NNN REIT from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, June 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $47.00.
NNN REIT Stock Performance
Shares of NNN stock opened at $38.04 on Tuesday. The stock has a fifty day moving average price of $40.50 and a 200 day moving average price of $42.16. The stock has a market cap of $6.94 billion, a PE ratio of 18.65, a P/E/G ratio of 4.01 and a beta of 0.89. NNN REIT, Inc. has a 1 year low of $37.75 and a 1 year high of $48.21. 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 business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were issued a $0.565 dividend. This represents a $2.26 dividend on an annualized basis and a dividend yield of 5.94%. This is a boost from NNN REIT’s previous quarterly dividend of $0.55. The ex-dividend date was Friday, July 28th. NNN REIT’s payout ratio is 110.78%.
NNN REIT Company Profile
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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