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

Sound Income Strategies LLC increased its holdings in shares of NNN REIT, Inc. (NYSE:NNN) by 9.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 345,264 shares of the real estate investment trust’s stock after purchasing an additional 30,146 shares during the quarter. Sound Income Strategies LLC owned 0.18% of NNN REIT worth $14,104,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Everence Capital Management Inc. purchased a new stake in NNN REIT in the fourth quarter worth about $206,000. Farther Finance Advisors LLC raised its position in shares of NNN REIT by 14.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 280 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of NNN REIT by 17.8% in the 3rd 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 purchasing an additional 28,476 shares during the last quarter. Red Spruce Capital LLC lifted its position in NNN REIT by 16.9% in the fourth quarter. Red Spruce Capital LLC now owns 43,443 shares of the real estate investment trust’s stock worth $1,775,000 after buying an additional 6,289 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings 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 worth $2,531,000 after acquiring an additional 15,100 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

NNN REIT Stock Performance

Shares of NNN opened at $39.61 on Friday. The company’s 50 day simple moving average is $41.41 and its 200-day simple moving average is $44.65. NNN REIT, Inc. has a 12-month low of $37.55 and a 12-month high of $49.57. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.00. The firm has a market cap of $7.43 billion, a PE ratio of 18.34, a price-to-earnings-growth ratio of 1.98 and a beta of 1.11.

NNN REIT Dividend Announcement

The firm 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 dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.86%. The ex-dividend date of this dividend is Friday, January 31st. NNN REIT’s dividend payout ratio (DPR) is 107.41%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Jefferies Financial Group downgraded shares of NNN REIT from a “buy” rating to a “hold” rating and dropped their target price for the stock from $52.00 to $43.00 in a research note on Thursday, January 2nd. BNP Paribas cut shares of NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 price target on the stock. in a report on Monday, November 4th. B. Riley reduced their target price on NNN REIT from $49.00 to $46.50 and set a “buy” rating on the stock in a research report on Wednesday, December 4th. Barclays initiated coverage on shares of NNN REIT in a report on Tuesday, December 17th. They issued an “overweight” rating and a $48.00 price target for the company. Finally, Robert W. Baird lifted their target price on NNN REIT from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $45.79.

Insiders Place Their Bets

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.51, for a total transaction of $42,510.00. Following the sale, the executive vice president now owns 68,756 shares in the company, valued at approximately $2,922,817.56. This trade represents a 1.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by company insiders.

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.