NNN REIT, Inc. (NYSE:NNN) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lessened its stake in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) by 68.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,608 shares of the real estate investment trust's stock after selling 128,761 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in NNN REIT were worth $2,435,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Cibc World Markets Corp lifted its position in NNN REIT by 12.4% during the 4th quarter. Cibc World Markets Corp now owns 54,572 shares of the real estate investment trust's stock worth $2,229,000 after acquiring an additional 6,035 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of 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 worth $202,000 after purchasing an additional 4,449 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of NNN REIT by 43.3% in the fourth quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust's stock valued at $41,000 after purchasing an additional 305 shares during the period. Amalgamated Bank grew its holdings in NNN REIT by 1.7% during the 4th quarter. Amalgamated Bank now owns 88,960 shares of the real estate investment trust's stock valued at $3,634,000 after purchasing an additional 1,521 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in NNN REIT by 6.5% during the 4th quarter. Handelsbanken Fonder AB now owns 55,600 shares of the real estate investment trust's stock worth $2,271,000 after buying an additional 3,400 shares during the period. Hedge funds and other institutional investors own 89.96% of the company's stock.

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NNN REIT Stock Performance

NYSE NNN traded up $0.08 during trading hours on Monday, reaching $41.50. The company's stock had a trading volume of 1,166,031 shares, compared to its average volume of 1,077,905. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 1.00. The business has a 50-day simple moving average of $40.82 and a 200 day simple moving average of $43.27. NNN REIT, Inc. has a 52 week low of $37.55 and a 52 week high of $49.57. The stock has a market cap of $7.78 billion, a PE ratio of 19.30, a PEG ratio of 2.06 and a beta of 1.10.

NNN REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.58 dividend. The ex-dividend date was Friday, January 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.59%. NNN REIT's dividend payout ratio (DPR) is presently 107.91%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NNN shares. Barclays raised their target price on 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 set a $43.00 price objective (down previously from $46.50) on shares of NNN REIT in a research note on Tuesday, February 18th. Janney Montgomery Scott lowered NNN REIT from a "buy" rating to a "neutral" rating and set a $43.00 target price on the stock. in a research report on Wednesday, January 15th. Morgan Stanley raised shares of NNN REIT from an "equal weight" rating to an "overweight" rating and set a $48.00 price target for the company in a research report on Wednesday, January 15th. Finally, Royal Bank of Canada cut their price target on shares of NNN REIT from $45.00 to $43.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average 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.