Short Interest in NNN REIT, Inc. (NYSE:NNN) Grows By 16.1%

NNN REIT, Inc. (NYSE:NNN - Get Free Report) was the recipient of a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 5,330,000 shares, a growth of 16.1% from the February 13th total of 4,590,000 shares. Currently, 2.9% of the company's stock are sold short. Based on an average trading volume of 1,280,000 shares, the short-interest ratio is presently 4.2 days.

NNN REIT Price Performance

Shares of NNN traded down $0.17 during mid-day trading on Friday, reaching $41.45. 2,078,582 shares of the stock traded hands, compared to its average volume of 1,077,551. 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 has a 1 year low of $37.55 and a 1 year high of $49.57. The company has a market cap of $7.77 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 2.06 and a beta of 1.10. The firm has a fifty day moving average price of $40.82 and a 200 day moving average price of $43.31.

NNN REIT Announces Dividend

The business 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. This represents a $2.32 annualized dividend and a dividend yield of 5.60%. The ex-dividend date of this dividend was Friday, January 31st. NNN REIT's dividend payout ratio (DPR) is 107.91%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Barclays raised 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. B. Riley restated a "neutral" rating and issued a $43.00 target price (down previously from $46.50) on shares of NNN REIT in a report on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft began coverage on NNN REIT in a research note on Wednesday, December 11th. They set a "hold" rating and a $46.00 price objective on the stock. 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. Finally, Jefferies Financial Group lowered shares of NNN REIT from a "buy" rating to a "hold" rating and decreased their price objective for the company from $52.00 to $43.00 in a research note on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $44.54.

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Hedge Funds Weigh In On NNN REIT

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Putney Financial Group LLC bought a new position in shares of NNN REIT during the 4th quarter valued at about $38,000. Tudor Investment Corp ET AL bought a new position in NNN REIT during the fourth quarter valued at approximately $593,000. Pinebridge Investments L.P. raised its stake in shares of NNN REIT by 42.7% during the fourth 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 in the last quarter. Millstone Evans Group LLC bought a new stake in shares of NNN REIT in the 4th quarter worth approximately $42,000. Finally, 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 purchasing an additional 9,054 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

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.