NNN REIT (NYSE:NNN) Shares Gap Up – Still a Buy?

NNN REIT, Inc. (NYSE:NNN) gapped up before the market opened on Tuesday . The stock had previously closed at $38.06, but opened at $39.14. NNN REIT shares last traded at $39.67, with a volume of 443,107 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Morgan Stanley upgraded shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price target on the stock in a research report on Wednesday, January 15th. B. Riley dropped their price objective on shares of NNN REIT from $49.00 to $46.50 and set a “buy” rating for the company in a research note on Wednesday, December 4th. UBS Group decreased their target price on shares of NNN REIT from $49.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft initiated coverage on NNN REIT in a research report on Wednesday, December 11th. They issued a “hold” rating and a $46.00 price target for the company. Finally, BNP Paribas downgraded NNN REIT from a “neutral” rating to an “underperform” rating and set a $44.00 price objective on the stock. in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, NNN REIT presently has a consensus rating of “Hold” and an average target price of $45.19.

NNN REIT Price Performance

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 stock has a 50 day moving average of $40.23 and a 200-day moving average of $44.11. The stock has a market capitalization of $7.43 billion, a P/E ratio of 18.35, a price-to-earnings-growth ratio of 1.94 and a beta of 1.11.

NNN REIT Announces Dividend

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

Insider Buying and Selling at NNN REIT

In other news, EVP Michelle Lynn Miller sold 1,000 shares of NNN REIT 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 completion of the sale, the executive vice president now owns 68,756 shares of the company’s stock, valued at approximately $2,922,817.56. The trade was a 1.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NNN REIT

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in shares of NNN REIT by 14.1% in the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 280 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in NNN REIT by 17.8% during 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 period. Strengthening Families & Communities LLC raised its holdings in shares of NNN REIT by 7.1% in the 3rd quarter. Strengthening Families & Communities LLC now owns 63,238 shares of the real estate investment trust’s stock valued at $3,066,000 after purchasing an additional 4,170 shares in the last quarter. Goodman Financial Corp lifted its position in shares of NNN REIT by 1.2% in the 3rd quarter. Goodman Financial Corp now owns 290,061 shares of the real estate investment trust’s stock worth $14,065,000 after purchasing an additional 3,388 shares during the period. Finally, DGS Capital Management LLC bought a new position in shares of NNN REIT during the third quarter valued at approximately $236,000. 89.96% of the stock is owned by institutional investors.

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.