NNN REIT (NYSE:NNN) Reaches New 52-Week Low – What’s Next?

NNN REIT, Inc. (NYSE:NNN)’s stock price hit a new 52-week low during trading on Tuesday . The stock traded as low as $37.21 and last traded at $37.51, with a volume of 3054466 shares traded. The stock had previously closed at $38.49.

Analyst Ratings Changes

NNN has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft assumed coverage on NNN REIT in a report on Wednesday, December 11th. They issued a “hold” rating and a $46.00 price target on the stock. Royal Bank of Canada dropped their price target on NNN REIT from $45.00 to $43.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 12th. Janney Montgomery Scott lowered shares of 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. Morgan Stanley raised shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price objective on the stock in a research note on Wednesday, January 15th. Finally, Jefferies Financial Group cut shares of NNN REIT from a “buy” rating to a “hold” rating and cut their target price for the stock from $52.00 to $43.00 in a research report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $44.54.

NNN REIT Price Performance

The company has a 50 day moving average of $41.22 and a 200 day moving average of $42.75. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of 17.45, a price-to-earnings-growth ratio of 2.06 and a beta of 0.85. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 1.00.

NNN REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 6.19%. The ex-dividend date of this dividend was Friday, January 31st. NNN REIT’s dividend payout ratio is currently 107.91%.

Institutional Investors Weigh In On NNN REIT

Several hedge funds have recently modified their holdings of NNN. Red Spruce Capital LLC raised its stake in NNN REIT by 10.3% during the first quarter. Red Spruce Capital LLC now owns 47,907 shares of the real estate investment trust’s stock worth $2,043,000 after purchasing an additional 4,464 shares during the period. Parallel Advisors LLC raised its position in shares of NNN REIT by 10.6% in the 1st quarter. Parallel Advisors LLC now owns 6,566 shares of the real estate investment trust’s stock worth $280,000 after buying an additional 628 shares during the period. GAMMA Investing LLC raised its position in shares of NNN REIT by 3,301.7% in the 1st quarter. GAMMA Investing LLC now owns 98,138 shares of the real estate investment trust’s stock worth $4,186,000 after buying an additional 95,253 shares during the period. Versant Capital Management Inc boosted its holdings in NNN REIT by 151.9% in the first quarter. Versant Capital Management Inc now owns 4,255 shares of the real estate investment trust’s stock valued at $181,000 after acquiring an additional 2,566 shares during the last quarter. Finally, Putney Financial Group LLC purchased a new stake in NNN REIT during the fourth quarter valued at about $38,000. 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.