NNN REIT (NYSE:NNN) Sets New 12-Month Low – Here’s What Happened

NNN REIT, Inc. (NYSE:NNN)’s stock price hit a new 52-week low during trading on Tuesday . The company traded as low as $38.70 and last traded at $38.74, with a volume of 449161 shares traded. The stock had previously closed at $39.57.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NNN. Robert W. Baird boosted their price target on NNN REIT from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, November 4th. BNP Paribas downgraded NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 price objective for the company. in a report on Monday, November 4th. Royal Bank of Canada dropped their price objective on shares of NNN REIT from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, November 1st. Colliers Securities cut NNN REIT from a “buy” rating to a “neutral” rating in a research note on Friday, November 1st. Finally, B. Riley reduced their target price on shares of NNN REIT from $49.00 to $46.50 and set a “buy” rating for the company in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, NNN REIT has an average rating of “Hold” and an average price target of $45.85.

NNN REIT Trading Down 2.1 %

The stock has a market cap of $7.26 billion, a price-to-earnings ratio of 17.94, a P/E/G ratio of 2.17 and a beta of 1.11. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.85 and a quick ratio of 2.85. The company’s fifty day moving average price is $42.38 and its 200-day moving average price is $44.95.

NNN REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.58 per share. The ex-dividend date was Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a yield of 5.99%. NNN REIT’s payout ratio is 107.41%.

Insiders Place Their Bets

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total value of $42,510.00. Following the sale, the executive vice president now owns 68,756 shares in the company, valued at $2,922,817.56. This represents a 1.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of NNN REIT

Several institutional investors and hedge funds have recently bought and sold shares of NNN. Amalgamated Bank raised its holdings in shares of NNN REIT by 4.1% during the second quarter. Amalgamated Bank now owns 103,756 shares of the real estate investment trust’s stock worth $4,420,000 after purchasing an additional 4,088 shares during the last quarter. Pathway Financial Advisers LLC raised its stake in shares of NNN REIT by 32.9% during the 2nd quarter. Pathway Financial Advisers LLC now owns 5,709 shares of the real estate investment trust’s stock valued at $243,000 after buying an additional 1,414 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of NNN REIT by 40.7% in 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 buying an additional 15,100 shares during the period. GAMMA Investing LLC boosted its stake in shares of NNN REIT by 23.8% in the third quarter. GAMMA Investing LLC now owns 2,881 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 553 shares during the last quarter. Finally, Sound Income Strategies LLC grew its holdings in NNN REIT by 19.0% during the third quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust’s stock worth $15,280,000 after acquiring an additional 50,213 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.