NNN REIT, Inc. (NYSE:NNN) Sees Significant Decline in Short Interest

NNN REIT, Inc. (NYSE:NNN) was the target of 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 trading volume of 1,110,000 shares, the days-to-cover ratio is currently 3.3 days.

NNN REIT Price Performance

Shares of NNN REIT stock traded down $0.44 during trading on Friday, hitting $43.96. 671,976 shares of the company were exchanged, compared to its average volume of 1,175,828. 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 fifty-two week low of $38.88 and a fifty-two week high of $49.57. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 20.35, a P/E/G ratio of 2.24 and a beta of 1.10. The firm has a 50 day moving average price of $45.89 and a 200 day moving average price of $44.98.

NNN REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.58 per share. The ex-dividend date 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 currently 107.41%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Sound Income Strategies LLC raised its position in shares of NNN REIT by 19.0% during the 3rd 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 during the last quarter. Raymond James Trust N.A. raised its holdings in NNN REIT by 19.6% in the 2nd quarter. Raymond James Trust N.A. now owns 12,920 shares of the real estate investment trust’s stock valued at $550,000 after acquiring an additional 2,120 shares during the last quarter. GAMMA Investing LLC raised its holdings in NNN REIT by 93.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,328 shares of the real estate investment trust’s stock valued at $99,000 after acquiring an additional 1,123 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in NNN REIT by 14.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 280 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its holdings in NNN REIT by 17.8% in the 3rd 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. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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.