Amalgamated Bank Lowers Stake in NNN REIT, Inc. (NYSE:NNN)

Amalgamated Bank cut its stake in NNN REIT, Inc. (NYSE:NNN) by 4.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 113,104 shares of the real estate investment trust’s stock after selling 5,783 shares during the period. Amalgamated Bank owned about 0.06% of NNN REIT worth $4,875,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Lindbrook Capital LLC boosted its holdings in shares of NNN REIT by 77.0% in the 4th quarter. Lindbrook Capital LLC now owns 754 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 328 shares in the last quarter. GAMMA Investing LLC bought a new stake in NNN REIT in the 4th quarter worth approximately $39,000. NBC Securities Inc. purchased a new stake in NNN REIT in the third quarter worth approximately $81,000. Essex Financial Services Inc. grew its position in NNN REIT by 12.8% during 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 acquiring an additional 1,326 shares during the last quarter. Finally, Nicholas Hoffman & Company LLC. purchased a new position in shares of NNN REIT during the third quarter worth approximately $488,000. Institutional investors own 89.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, BNP Paribas raised shares of NNN REIT from an “underperform” rating to a “neutral” rating and set a $42.00 target price on the stock in a report on Thursday, May 2nd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $44.50.

NNN REIT Stock Performance

Shares of NNN stock opened at $42.47 on Wednesday. The company has a market capitalization of $7.79 billion, a P/E ratio of 19.48, a PEG ratio of 4.86 and a beta of 1.00. NNN REIT, Inc. has a fifty-two week low of $34.38 and a fifty-two week high of $44.87. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a 50 day moving average price of $41.46 and a two-hundred day moving average price of $40.91.

NNN REIT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.565 per share. The ex-dividend date is Monday, April 29th. This represents a $2.26 dividend on an annualized basis and a yield of 5.32%. NNN REIT’s dividend payout ratio is currently 103.67%.

NNN REIT Company Profile

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.