Sound Income Strategies LLC Purchases 30,146 Shares of NNN REIT, Inc. (NYSE:NNN)

Sound Income Strategies LLC lifted its stake in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) by 9.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 345,264 shares of the real estate investment trust's stock after purchasing an additional 30,146 shares during the period. Sound Income Strategies LLC owned approximately 0.18% of NNN REIT worth $14,104,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. SG Americas Securities LLC raised its holdings in NNN REIT by 3,469.0% during the 4th 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 during the period. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of NNN REIT by 17.8% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 188,369 shares of the real estate investment trust's stock valued at $9,134,000 after acquiring an additional 28,476 shares during the period. Handelsbanken Fonder AB lifted its position 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 acquiring an additional 15,100 shares in the last quarter. Red Spruce Capital LLC boosted its stake in NNN REIT by 16.9% in the 4th quarter. Red Spruce Capital LLC now owns 43,443 shares of the real estate investment trust's stock worth $1,775,000 after purchasing an additional 6,289 shares during the period. Finally, Everence Capital Management Inc. purchased a new position in NNN REIT during the 4th quarter worth approximately $206,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

NNN REIT Price Performance

Shares of NNN REIT stock traded up $0.05 during midday trading on Friday, hitting $39.67. 723,709 shares of the company were exchanged, compared to its average volume of 1,002,327. The firm has a 50 day simple moving average of $41.41 and a 200-day simple moving average of $44.65. NNN REIT, Inc. has a 52 week low of $37.55 and a 52 week high of $49.57. The firm has a market cap of $7.44 billion, a P/E ratio of 18.37, a PEG ratio of 1.98 and a beta of 1.11. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.85 and a quick ratio of 2.85.

NNN REIT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $2.32 annualized dividend and a dividend yield of 5.85%. NNN REIT's dividend payout ratio is presently 107.41%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NNN. Deutsche Bank Aktiengesellschaft assumed coverage on NNN REIT in a research report on Wednesday, December 11th. They issued a "hold" rating and a $46.00 target price for the company. UBS Group lowered their target price on NNN REIT from $49.00 to $43.00 and set a "neutral" rating on the stock in a research note on Thursday, November 14th. B. Riley dropped their target price on NNN REIT from $49.00 to $46.50 and set a "buy" rating on the stock in a report on Wednesday, December 4th. Jefferies Financial Group cut shares of 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. Finally, StockNews.com lowered shares of NNN REIT from a "buy" rating to a "hold" rating in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, NNN REIT has an average rating of "Hold" and a consensus price target of $45.79.

Insider Buying and Selling

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the firm's stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total transaction of $42,510.00. Following the completion of the sale, the executive vice president now directly owns 68,756 shares of the company's stock, valued at $2,922,817.56. This trade represents a 1.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

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.