NNN REIT, Inc. (NYSE:NNN) Short Interest Up 16.1% in February

NNN REIT, Inc. (NYSE:NNN) was the recipient of a significant growth in short interest in February. As of February 28th, there was short interest totalling 5,330,000 shares, a growth of 16.1% from the February 13th total of 4,590,000 shares. Based on an average trading volume of 1,280,000 shares, the short-interest ratio is currently 4.2 days. Approximately 2.9% of the company’s stock are short sold.

Hedge Funds Weigh In On NNN REIT

Several hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC grew its stake in NNN REIT by 3,469.0% in the 4th quarter. SG Americas Securities LLC now owns 91,294 shares of the real estate investment trust’s stock valued at $3,729,000 after buying an additional 88,736 shares during the last quarter. Sound Income Strategies LLC increased its position in shares of NNN REIT by 9.6% during the fourth quarter. Sound Income Strategies LLC now owns 345,264 shares of the real estate investment trust’s stock valued at $14,104,000 after purchasing an additional 30,146 shares during the period. Pinebridge Investments L.P. raised its stake in shares of NNN REIT by 42.7% in the fourth quarter. Pinebridge Investments L.P. now owns 49,642 shares of the real estate investment trust’s stock valued at $2,028,000 after purchasing an additional 14,850 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in NNN REIT in the fourth quarter worth $593,000. Finally, Kingswood Wealth Advisors LLC acquired a new stake in NNN REIT during the fourth quarter worth $527,000. 89.96% of the stock is owned by institutional investors and hedge funds.

NNN REIT Trading Down 0.6 %

NNN traded down $0.24 during trading on Thursday, reaching $41.46. The company had a trading volume of 481,039 shares, compared to its average volume of 1,271,154. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.55 and a current ratio of 1.55. NNN REIT has a 12-month low of $37.55 and a 12-month high of $49.57. The company has a market cap of $7.78 billion, a price-to-earnings ratio of 19.29, a PEG ratio of 2.06 and a beta of 1.10. The firm’s 50-day simple moving average is $40.70 and its 200 day simple moving average is $43.39.

NNN REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $2.32 dividend on an annualized basis and a yield of 5.60%. NNN REIT’s payout ratio is 107.91%.

Wall Street Analyst Weigh In

NNN has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of NNN REIT in a report on Wednesday, December 11th. They set a “hold” rating and a $46.00 target price on the stock. Morgan Stanley raised shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 target price on the stock in a report on Wednesday, January 15th. Royal Bank of Canada dropped their price target on NNN REIT from $45.00 to $43.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 12th. B. Riley restated a “neutral” rating and set a $43.00 price objective (down previously from $46.50) on shares of NNN REIT in a research report on Tuesday, February 18th. Finally, Wells Fargo & Company boosted their price target on shares of NNN REIT from $41.00 to $44.00 and gave the company an “equal weight” rating in a report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $44.54.

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.