NNN REIT, Inc. (NYSE:NNN) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky decreased its stake in NNN REIT, Inc. (NYSE:NNN) by 5.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,005 shares of the real estate investment trust’s stock after selling 2,830 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in NNN REIT were worth $2,206,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Millstone Evans Group LLC purchased a new position in shares of NNN REIT during the fourth quarter worth approximately $42,000. Goodman Financial Corp increased its stake in NNN REIT by 3.1% in the fourth quarter. Goodman Financial Corp now owns 299,115 shares of the real estate investment trust’s stock valued at $12,219,000 after purchasing an additional 9,054 shares during the period. Cibc World Markets Corp raised its holdings in shares of NNN REIT by 12.4% in the fourth quarter. Cibc World Markets Corp now owns 54,572 shares of the real estate investment trust’s stock valued at $2,229,000 after buying an additional 6,035 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of NNN REIT by 882.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 4,953 shares of the real estate investment trust’s stock worth $202,000 after buying an additional 4,449 shares during the period. Finally, Lindbrook Capital LLC grew its holdings in shares of NNN REIT by 43.3% during the fourth quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 305 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

NNN REIT Trading Down 0.3 %

Shares of NNN stock opened at $40.85 on Friday. The stock has a market cap of $7.68 billion, a P/E ratio of 19.00, a P/E/G ratio of 2.06 and a beta of 0.85. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 1.00. NNN REIT, Inc. has a fifty-two week low of $35.80 and a fifty-two week high of $49.57. The business has a fifty day simple moving average of $41.43 and a 200-day simple moving average of $41.99.

NNN REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 5.68%. The ex-dividend date is Wednesday, April 30th. NNN REIT’s payout ratio is currently 107.91%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NNN shares. Morgan Stanley upgraded NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 target price on the stock in a research note on Wednesday, January 15th. Evercore ISI began coverage on shares of NNN REIT in a research report on Friday, January 31st. They issued an “inline” rating and a $42.00 price objective on the stock. Royal Bank of Canada cut their price objective on shares of NNN REIT from $45.00 to $43.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 12th. Wells Fargo & Company lifted their target price 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. Finally, Jefferies Financial Group cut shares of NNN REIT from a “buy” rating to a “hold” rating and cut their price target for the stock from $52.00 to $43.00 in a report on Thursday, January 2nd. One equities research 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 stock has an average rating of “Hold” and a consensus price target 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.