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

NNN REIT, Inc. (NYSE:NNN)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $37.85 and last traded at $37.85, with a volume of 2288 shares. The stock had previously closed at $38.00.

Wall Street Analyst Weigh In

Several research firms recently commented on NNN. Royal Bank of Canada reduced their target price on NNN REIT from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. UBS Group reduced their target price on NNN REIT from $49.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Barclays assumed coverage on NNN REIT in a research note on Tuesday, December 17th. They set an “overweight” rating and a $48.00 price target for the company. Jefferies Financial Group lowered NNN REIT from a “buy” rating to a “hold” rating and lowered their target price for the company from $52.00 to $43.00 in a research note on Thursday, January 2nd. Finally, Colliers Securities lowered NNN REIT from a “buy” rating to a “neutral” rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, NNN REIT presently has a consensus rating of “Hold” and an average price target of $45.85.

NNN REIT Price Performance

The business has a 50-day simple moving average of $41.90 and a 200 day simple moving average of $44.85. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.85 and a current ratio of 2.85. The firm has a market cap of $7.06 billion, a P/E ratio of 17.44, a price-to-earnings-growth ratio of 2.17 and a beta of 1.11.

NNN REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued 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 dividend yield of 6.16%. NNN REIT’s dividend payout ratio (DPR) 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.82% of the company’s stock.

Institutional Trading of NNN REIT

Several hedge funds and other institutional investors have recently made changes to their positions in NNN. Farther Finance Advisors LLC lifted its position in NNN REIT by 14.1% during the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock valued at $110,000 after purchasing an additional 280 shares in the last quarter. GAMMA Investing LLC lifted its position 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 valued at $140,000 after acquiring an additional 553 shares in the last quarter. Everence Capital Management Inc. purchased a new position in shares of NNN REIT in the fourth quarter valued at about $206,000. DGS Capital Management LLC purchased a new position in shares of NNN REIT in the third quarter valued at about $236,000. Finally, Pathway Financial Advisers LLC lifted its position in shares of NNN REIT by 32.9% in the second quarter. Pathway Financial Advisers LLC now owns 5,709 shares of the real estate investment trust’s stock valued at $243,000 after acquiring an additional 1,414 shares in the last quarter. 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.