Putney Financial Group LLC Takes Position in NNN REIT, Inc. (NYSE:NNN)

Putney Financial Group LLC bought a new stake in shares of NNN REIT, Inc. (NYSE:NNN) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 932 shares of the real estate investment trust’s stock, valued at approximately $38,000.

Other large investors have also recently made changes to their positions in the company. Tudor Investment Corp ET AL purchased a new stake in NNN REIT in the 4th quarter worth about $593,000. Pinebridge Investments L.P. increased its holdings in NNN REIT by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 49,642 shares of the real estate investment trust’s stock worth $2,028,000 after acquiring an additional 14,850 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in NNN REIT in the 4th quarter worth about $42,000. Goodman Financial Corp increased its holdings in NNN REIT by 3.1% in the 4th quarter. Goodman Financial Corp now owns 299,115 shares of the real estate investment trust’s stock worth $12,219,000 after acquiring an additional 9,054 shares during the last quarter. Finally, Cibc World Markets Corp increased its holdings in NNN REIT by 12.4% in the 4th quarter. Cibc World Markets Corp now owns 54,572 shares of the real estate investment trust’s stock worth $2,229,000 after acquiring an additional 6,035 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on NNN. Royal Bank of Canada decreased their price objective on NNN REIT from $45.00 to $43.00 and set a “sector perform” rating for the company in a report on Wednesday, February 12th. B. Riley reissued a “neutral” rating and issued a $43.00 price objective (down previously from $46.50) on shares of NNN REIT in a report on Tuesday, February 18th. Evercore ISI began coverage on NNN REIT in a report on Friday, January 31st. They issued an “inline” rating and a $42.00 price objective for the company. UBS Group decreased their price objective on NNN REIT from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Finally, Barclays cut their target price on NNN REIT from $47.00 to $46.00 and set an “overweight” rating for the company in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, NNN REIT currently has an average rating of “Hold” and a consensus price target of $44.46.

NNN REIT Stock Performance

Shares of NNN opened at $41.12 on Monday. NNN REIT, Inc. has a 12-month low of $35.80 and a 12-month high of $49.57. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 1.00. The company has a market cap of $7.73 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 2.06 and a beta of 0.92. The stock has a 50-day moving average price of $41.10 and a 200-day moving average price of $41.24.

NNN REIT (NYSE:NNN) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.04. NNN REIT had a net margin of 45.65% and a return on equity of 9.28%. The business had revenue of $230.85 million for the quarter, compared to the consensus estimate of $219.68 million. During the same period last year, the firm posted $0.84 earnings per share. NNN REIT’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts forecast that NNN REIT, Inc. will post 3.33 earnings per share for the current fiscal year.

NNN REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were given a $0.58 dividend. The ex-dividend date was Wednesday, April 30th. This represents a $2.32 annualized dividend and a yield of 5.64%. NNN REIT’s dividend payout ratio (DPR) is presently 108.41%.

NNN REIT 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.