NNN REIT (NYSE:NNN) Share Price Crosses Above 200 Day Moving Average of $41.74

NNN REIT, Inc. (NYSE:NNN)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $41.74 and traded as high as $42.72. NNN REIT shares last traded at $42.22, with a volume of 354,380 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wells Fargo & Company lowered their price objective on NNN REIT from $43.00 to $42.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. UBS Group initiated coverage on NNN REIT in a research note on Friday, May 31st. They set a “neutral” rating and a $41.00 target price for the company. Finally, BNP Paribas upgraded shares of NNN REIT from an “underperform” rating to a “neutral” rating and set a $42.00 price target on the stock in a research note on Thursday, May 2nd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $43.67.

NNN REIT Price Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market cap of $7.74 billion, a price-to-earnings ratio of 19.37, a PEG ratio of 3.34 and a beta of 1.07. The stock has a 50-day moving average price of $41.91 and a 200 day moving average price of $41.74.

NNN REIT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were given a dividend of $0.565 per share. This represents a $2.26 annualized dividend and a yield of 5.35%. The ex-dividend date was Monday, April 29th. NNN REIT’s dividend payout ratio (DPR) is 103.67%.

Hedge Funds Weigh In On NNN REIT

A number of institutional investors have recently modified their holdings of NNN. Essex Financial Services Inc. increased its stake in NNN REIT by 12.8% in the third quarter. Essex Financial Services Inc. now owns 11,675 shares of the real estate investment trust’s stock valued at $413,000 after purchasing an additional 1,326 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in shares of NNN REIT by 95.8% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 61,335 shares of the real estate investment trust’s stock worth $2,167,000 after buying an additional 30,011 shares during the last quarter. Jeppson Wealth Management LLC purchased a new stake in NNN REIT during the 4th quarter valued at approximately $993,000. Harbour Trust & Investment Management Co purchased a new stake in NNN REIT during the 4th quarter valued at approximately $1,634,000. Finally, Lindbrook Capital LLC lifted its position in NNN REIT by 77.0% during the 4th quarter. Lindbrook Capital LLC now owns 754 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 328 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

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.