OVERSEA CHINESE BANKING Corp Ltd Acquires 28,476 Shares of NNN REIT, Inc. (NYSE:NNN)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) by 17.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 188,369 shares of the real estate investment trust's stock after purchasing an additional 28,476 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned 0.10% of NNN REIT worth $9,134,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of NNN. Sound Income Strategies LLC raised its stake in shares of NNN REIT by 19.0% in the 3rd quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust's stock valued at $15,280,000 after buying an additional 50,213 shares in the last quarter. Amalgamated Bank raised its stake in shares of NNN REIT by 4.1% in the 2nd quarter. Amalgamated Bank now owns 103,756 shares of the real estate investment trust's stock valued at $4,420,000 after buying an additional 4,088 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of NNN REIT by 95.5% in the 1st quarter. SG Americas Securities LLC now owns 63,745 shares of the real estate investment trust's stock valued at $2,724,000 after buying an additional 31,141 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of NNN REIT by 40.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 52,200 shares of the real estate investment trust's stock valued at $2,531,000 after buying an additional 15,100 shares in the last quarter. Finally, Nicholas Hoffman & Company LLC. raised its stake in shares of NNN REIT by 1.8% in the 2nd 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. 89.96% of the stock is currently owned by institutional investors and hedge funds.

NNN REIT Trading Down 0.6 %

NYSE NNN traded down $0.25 during trading on Tuesday, reaching $42.69. 311,915 shares of the stock traded hands, compared to its average volume of 1,170,358. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.00. NNN REIT, Inc. has a fifty-two week low of $37.69 and a fifty-two week high of $49.57. The stock's 50-day moving average price is $47.18 and its 200 day moving average price is $44.86. The firm has a market cap of $8.01 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 3.42 and a beta of 1.10.

NNN REIT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date of this dividend is Thursday, October 31st. NNN REIT's payout ratio is currently 107.41%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Robert W. Baird increased their target price on shares of NNN REIT from $44.00 to $45.00 and gave the stock a "neutral" rating in a research report on Monday, November 4th. B. Riley raised their price objective on shares of NNN REIT from $42.50 to $49.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Raymond James raised their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the company an "outperform" rating in a research report on Wednesday, August 21st. UBS Group raised their price objective on shares of NNN REIT from $48.00 to $49.00 and gave the company a "neutral" rating in a research report on Wednesday, October 16th. Finally, BNP Paribas cut shares of NNN REIT from a "neutral" rating to an "underperform" rating and set a $44.00 price objective for the company. in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, NNN REIT currently has a consensus rating of "Hold" and a consensus target price of $47.14.

About NNN REIT

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.