Sound Income Strategies LLC Has $15.28 Million Stock Position in NNN REIT, Inc. (NYSE:NNN)

Sound Income Strategies LLC raised its position in NNN REIT, Inc. (NYSE:NNN - Free Report) by 19.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 315,118 shares of the real estate investment trust's stock after buying an additional 50,213 shares during the period. Sound Income Strategies LLC owned about 0.17% of NNN REIT worth $15,280,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in NNN. Nicholas Hoffman & Company LLC. raised its stake in NNN REIT by 1.8% in the second quarter. Nicholas Hoffman & Company LLC. now owns 13,325 shares of the real estate investment trust's stock valued at $568,000 after buying an additional 240 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of NNN REIT by 23.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,881 shares of the real estate investment trust's stock valued at $140,000 after buying an additional 553 shares during the period. LRI Investments LLC purchased a new stake in NNN REIT during the 1st quarter worth $34,000. Riverview Trust Co acquired a new position in NNN REIT in the 1st quarter worth $43,000. Finally, Bruce G. Allen Investments LLC raised its stake in shares of NNN REIT by 1,276.8% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust's stock valued at $48,000 after purchasing an additional 1,047 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Royal Bank of Canada increased their target price on shares of NNN REIT from $43.00 to $46.00 and gave the company a "sector perform" rating in a research note on Friday, August 2nd. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $50.00 price objective (up from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. StockNews.com raised shares of NNN REIT from a "hold" rating to a "buy" rating in a report on Friday, August 2nd. B. Riley lifted their price target on shares of NNN REIT from $42.50 to $49.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Finally, Raymond James boosted their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, NNN REIT currently has a consensus rating of "Hold" and a consensus target price of $46.83.

Insiders Place Their Bets

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the sale, the executive vice president now owns 69,756 shares of the company's stock, valued at approximately $3,270,161.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is currently owned by insiders.

NNN REIT Stock Performance

NNN stock traded up $0.23 during midday trading on Friday, reaching $47.49. 809,024 shares of the company's stock traded hands, compared to its average volume of 1,159,335. The stock's 50-day moving average is $47.33 and its 200 day moving average is $44.16. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 1.04. The stock has a market cap of $8.72 billion, a P/E ratio of 21.39, a PEG ratio of 3.79 and a beta of 1.09. NNN REIT, Inc. has a 52-week low of $34.61 and a 52-week high of $49.10.

NNN REIT (NYSE:NNN - Get Free Report) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.24). NNN REIT had a return on equity of 9.70% and a net margin of 47.39%. The firm had revenue of $216.81 million during the quarter, compared to the consensus estimate of $212.30 million. During the same quarter last year, the business posted $0.80 EPS. NNN REIT's revenue was up 7.0% compared to the same quarter last year. As a group, analysts anticipate that NNN REIT, Inc. will post 3.3 EPS for the current year.

NNN REIT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.58 per share. This is a boost from NNN REIT's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $2.32 annualized dividend and a dividend yield of 4.89%. NNN REIT's payout ratio is presently 104.50%.

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.