OVERSEA CHINESE BANKING Corp Ltd Trims Stock Position in NNN REIT, Inc. (NYSE:NNN)

OVERSEA CHINESE BANKING Corp Ltd lessened its position in shares of NNN REIT, Inc. (NYSE:NNN) by 68.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 reporting period.

Several other institutional investors have also recently made changes to their positions in NNN. Goodman Financial Corp raised its position in NNN REIT by 1.2% in the third quarter. Goodman Financial Corp now owns 290,061 shares of the real estate investment trust’s stock valued at $14,065,000 after purchasing an additional 3,388 shares during the period. DGS Capital Management LLC purchased a new stake in NNN REIT in the third quarter valued at approximately $236,000. Everence Capital Management Inc. purchased a new stake in NNN REIT in the fourth quarter valued at approximately $206,000. Steph & Co. raised its position in NNN REIT by 8.2% in the fourth quarter. Steph & Co. now owns 5,664 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 429 shares during the period. Finally, Red Spruce Capital LLC raised 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 valued at $1,775,000 after purchasing an additional 6,289 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

NNN REIT Stock Performance

Shares of NNN stock opened at $41.65 on Thursday. 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 firm has a fifty day moving average price of $40.70 and a 200 day moving average price of $43.39. The company has a market cap of $7.81 billion, a P/E ratio of 19.37, a PEG ratio of 2.06 and a beta of 1.10. NNN REIT, Inc. has a 12 month low of $37.55 and a 12 month high of $49.57.

NNN REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.58 per share. The ex-dividend date was Friday, January 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.57%. NNN REIT’s payout ratio is currently 107.91%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company boosted their target price on NNN REIT from $41.00 to $44.00 and gave the company an “equal weight” rating in a research report on Monday, March 10th. Jefferies Financial Group lowered NNN REIT from a “buy” rating to a “hold” rating and cut their target price for the company from $52.00 to $43.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on NNN REIT in a research report on Wednesday, December 11th. They set a “hold” rating and a $46.00 price objective on the stock. Barclays upped their price objective on NNN REIT from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 4th. Finally, Janney Montgomery Scott lowered NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, NNN REIT presently has a consensus rating of “Hold” and an average target price of $44.54.

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.