NNN REIT, Inc. (NYSE:NNN) Shares Purchased by Pinebridge Investments L.P.

Pinebridge Investments L.P. increased its holdings in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) by 42.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 49,642 shares of the real estate investment trust's stock after buying an additional 14,850 shares during the period. Pinebridge Investments L.P.'s holdings in NNN REIT were worth $2,028,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in NNN. Sound Income Strategies LLC raised its stake in shares of NNN REIT by 9.6% in 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 acquiring an additional 30,146 shares in the last quarter. Goodman Financial Corp boosted its stake in shares of 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 valued at $12,219,000 after buying an additional 9,054 shares during the period. SG Americas Securities LLC grew its position in shares of NNN REIT by 3,469.0% during the fourth quarter. SG Americas Securities LLC now owns 91,294 shares of the real estate investment trust's stock worth $3,729,000 after buying an additional 88,736 shares in the last quarter. Amalgamated Bank increased its stake in shares of NNN REIT by 1.7% during the fourth quarter. Amalgamated Bank now owns 88,960 shares of the real estate investment trust's stock worth $3,634,000 after buying an additional 1,521 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in NNN REIT by 6.5% in the fourth quarter. Handelsbanken Fonder AB now owns 55,600 shares of the real estate investment trust's stock valued at $2,271,000 after acquiring an additional 3,400 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

NNN REIT Stock Performance

NYSE NNN opened at $40.85 on Monday. The firm 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. NNN REIT, Inc. has a 52-week low of $35.80 and a 52-week high of $49.57. The business's 50-day moving average price is $41.43 and its 200 day moving average price is $41.91. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend 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

A number of brokerages have 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. Jefferies Financial Group downgraded NNN REIT from a "buy" rating to a "hold" rating and decreased their price target for the stock from $52.00 to $43.00 in a report on Thursday, January 2nd. B. Riley reiterated 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. Wells Fargo & Company boosted their target price on NNN REIT from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Monday, March 10th. Finally, Morgan Stanley upgraded shares of NNN REIT from an "equal weight" rating to an "overweight" rating and set a $48.00 price target on the stock in a research note on Wednesday, January 15th. One investment 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 data from MarketBeat.com, NNN REIT currently has a consensus rating of "Hold" and an average price target of $44.54.

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.

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