Cibc World Markets Corp Grows Stake in NNN REIT, Inc. (NYSE:NNN)

Cibc World Markets Corp increased its position in NNN REIT, Inc. (NYSE:NNN - Free Report) by 12.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,572 shares of the real estate investment trust's stock after purchasing an additional 6,035 shares during the quarter. Cibc World Markets Corp's holdings in NNN REIT were worth $2,229,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Lindbrook Capital LLC increased its stake in shares of NNN REIT by 43.3% in the 4th quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust's stock worth $41,000 after acquiring an additional 305 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in 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 valued at $202,000 after buying an additional 4,449 shares during the last quarter. Everence Capital Management Inc. purchased a new position in NNN REIT during the fourth quarter valued at $206,000. DGS Capital Management LLC grew its stake in shares of NNN REIT by 9.5% in the fourth quarter. DGS Capital Management LLC now owns 5,330 shares of the real estate investment trust's stock worth $218,000 after acquiring an additional 461 shares during the last quarter. Finally, Steph & Co. increased its holdings in shares of NNN REIT by 8.2% during 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 in the last quarter. 89.96% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Several brokerages recently commented on NNN. Barclays increased their price objective on shares of NNN REIT from $46.00 to $47.00 and gave the company an "overweight" rating in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft initiated coverage on NNN REIT in a research note on Wednesday, December 11th. They set a "hold" rating and a $46.00 target price on the stock. Morgan Stanley upgraded NNN REIT from an "equal weight" rating to an "overweight" rating and set a $48.00 price target for the company in a research note on Wednesday, January 15th. Evercore ISI assumed coverage on NNN REIT in a research note on Friday, January 31st. They issued an "inline" rating and a $42.00 price target on the stock. Finally, Janney Montgomery Scott cut NNN REIT from a "buy" rating to a "neutral" rating and set a $43.00 price objective for the company. in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $44.54.

NNN REIT Stock Performance

NNN REIT stock traded down $0.19 during midday trading on Tuesday, hitting $41.33. The stock had a trading volume of 1,976,772 shares, compared to its average volume of 1,077,811. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 1.00. NNN REIT, Inc. has a 52-week low of $37.55 and a 52-week high of $49.57. The company has a market capitalization of $7.77 billion, a PE ratio of 19.22, a P/E/G ratio of 2.06 and a beta of 1.10. The firm's fifty day moving average is $40.88 and its two-hundred day moving average is $43.23.

NNN REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders 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 annualized dividend and a dividend yield of 5.61%. NNN REIT's payout ratio is 107.91%.

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.