NNN REIT (NYSE:NNN) Reaches New 1-Year Low – Here’s What Happened

Shares of NNN REIT, Inc. (NYSE:NNN) reached a new 52-week low on Tuesday . The company traded as low as $37.21 and last traded at $37.51, with a volume of 3054466 shares. The stock had previously closed at $38.49.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NNN. Morgan Stanley upgraded shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 target price for the company in a report on Wednesday, January 15th. Barclays upped their price objective on shares of NNN REIT from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Evercore ISI started coverage on NNN REIT in a research report on Friday, January 31st. They set an “inline” rating and a $42.00 target price on the stock. Deutsche Bank Aktiengesellschaft began coverage on NNN REIT in a report on Wednesday, December 11th. They issued a “hold” rating and a $46.00 target price for the company. Finally, 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 note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, NNN REIT currently has an average rating of “Hold” and an average price target of $44.54.

NNN REIT Stock Performance

The company has a market cap of $7.05 billion, a PE ratio of 17.45, a P/E/G ratio of 2.06 and a beta of 0.85. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.55 and a current ratio of 1.55. The stock’s 50-day simple moving average is $41.22 and its 200 day simple moving average is $42.75.

NNN REIT Announces Dividend

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 $0.58 dividend. 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 6.19%. NNN REIT’s payout ratio is currently 107.91%.

Hedge Funds Weigh In On NNN REIT

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lindbrook Capital LLC boosted its stake in shares of NNN REIT by 43.3% in the fourth quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 305 shares in the last quarter. Steph & Co. lifted its holdings in NNN REIT by 8.2% in the fourth quarter. Steph & Co. now owns 5,664 shares of the real estate investment trust’s stock valued at $231,000 after acquiring an additional 429 shares during the period. DGS Capital Management LLC boosted its position in shares of NNN REIT by 9.5% during the 4th quarter. DGS Capital Management LLC now owns 5,330 shares of the real estate investment trust’s stock worth $218,000 after purchasing an additional 461 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of NNN REIT by 10.6% during the 1st quarter. Parallel Advisors LLC now owns 6,566 shares of the real estate investment trust’s stock worth $280,000 after purchasing an additional 628 shares during the period. Finally, Putney Financial Group LLC acquired a new position in shares of NNN REIT during the 4th quarter worth $38,000. Institutional investors and hedge funds 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.