NNN REIT, Inc. (NYSE:NNN) Sees Large Decrease in Short Interest

NNN REIT, Inc. (NYSE:NNN) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 3,710,000 shares, a decrease of 28.5% from the October 31st total of 5,190,000 shares. Based on an average daily volume of 1,110,000 shares, the short-interest ratio is currently 3.3 days.

NNN REIT Stock Performance

Shares of NNN stock traded down $0.44 on Friday, hitting $43.96. The company had a trading volume of 671,976 shares, compared to its average volume of 1,175,828. The firm has a market cap of $8.24 billion, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 2.24 and a beta of 1.10. The company has a 50-day moving average price of $45.89 and a 200-day moving average price of $44.98. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.00. NNN REIT has a twelve month low of $38.88 and a twelve month high of $49.57.

NNN REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.58 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $2.32 annualized dividend and a dividend yield of 5.28%. NNN REIT’s dividend payout ratio is presently 107.41%.

Analyst Upgrades and Downgrades

NNN has been the topic of several analyst reports. Colliers Securities downgraded NNN REIT from a “buy” rating to a “neutral” rating in a report on Friday, November 1st. Wells Fargo & Company reiterated an “equal weight” rating and set a $50.00 price objective (up previously from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. Raymond James upped their price target on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Robert W. Baird upped their price target on NNN REIT from $44.00 to $45.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Finally, UBS Group cut their target price on NNN REIT from $49.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.29.

Hedge Funds Weigh In On NNN REIT

Institutional investors and hedge funds have recently modified their holdings of the business. Goodman Financial Corp increased its stake in NNN REIT by 1.2% during the 3rd quarter. Goodman Financial Corp now owns 290,061 shares of the real estate investment trust’s stock worth $14,065,000 after buying an additional 3,388 shares in the last quarter. Strengthening Families & Communities LLC lifted its holdings in NNN REIT by 7.1% in the third quarter. Strengthening Families & Communities LLC now owns 63,238 shares of the real estate investment trust’s stock valued at $3,066,000 after acquiring an additional 4,170 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in NNN REIT by 17.8% in the third 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 acquiring an additional 28,476 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in NNN REIT by 14.1% during the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 280 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its stake in NNN REIT by 19.0% during the third quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust’s stock worth $15,280,000 after purchasing an additional 50,213 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.