State of Tennessee Department of Treasury Trims Stake in NNN REIT, Inc. (NYSE:NNN)

State of Tennessee Department of Treasury lessened its position in NNN REIT, Inc. (NYSE:NNN) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 71,682 shares of the real estate investment trust’s stock after selling 2,023 shares during the quarter. State of Tennessee Department of Treasury’s holdings in NNN REIT were worth $2,928,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in NNN. SG Americas Securities LLC boosted its holdings in shares of 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 valued at $3,729,000 after buying an additional 88,736 shares in the last quarter. Sound Income Strategies LLC increased its stake in shares of NNN REIT by 9.6% during the fourth quarter. Sound Income Strategies LLC now owns 345,264 shares of the real estate investment trust’s stock valued at $14,104,000 after purchasing an additional 30,146 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in shares of NNN REIT in the 4th quarter worth approximately $527,000. Goodman Financial Corp increased its position in NNN REIT by 3.1% during the 4th quarter. Goodman Financial Corp now owns 299,115 shares of the real estate investment trust’s stock valued at $12,219,000 after buying an additional 9,054 shares in the last quarter. Finally, Red Spruce Capital LLC raised its stake in NNN REIT by 16.9% during 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 buying an additional 6,289 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

NNN REIT Stock Performance

Shares of NYSE NNN opened at $40.85 on Monday. The firm has a 50 day moving average of $41.43 and a 200 day moving average of $41.91. 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 market capitalization of $7.68 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 2.06 and a beta of 0.85. NNN REIT, Inc. has a 12-month low of $35.80 and a 12-month high of $49.57.

NNN REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $2.32 annualized dividend and a yield of 5.68%. NNN REIT’s dividend payout ratio (DPR) is 107.91%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Jefferies Financial Group lowered shares of NNN REIT from a “buy” rating to a “hold” rating and reduced their price objective for the company from $52.00 to $43.00 in a research note on Thursday, January 2nd. Royal Bank of Canada decreased their target price on shares of NNN REIT from $45.00 to $43.00 and set a “sector perform” rating for the company in a report on Wednesday, February 12th. Morgan Stanley raised shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 target price for the company in a report on Wednesday, January 15th. Evercore ISI began coverage on shares of NNN REIT in a report on Friday, January 31st. They issued an “inline” rating and a $42.00 target price for the company. Finally, Wells Fargo & Company lifted their target price on shares of NNN REIT from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company 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.