Equity Investment Corp Purchases 768,831 Shares of NNN REIT, Inc. $NNN

Key Points

• Equity Investment Corp increased its NNN REIT stake by 46.1% in the third quarter, adding 768,831 shares to hold about 2.44 million shares, worth approximately $100.1 million.
• Institutional investors own nearly 90% of NNN REIT. Analysts’ consensus rating is Hold, with an average price target of $46.56.
• NNN REIT reported quarterly earnings and revenue above consensus estimates and declared a $0.62 quarterly dividend, equivalent to a 5.9% annualized yield.

Equity Investment Corp boosted its stake in NNN REIT, Inc. (NYSE:NNN - Free Report) by 46.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,435,846 shares of the real estate investment trust's stock after acquiring an additional 768,831 shares during the period. NNN REIT accounts for approximately 1.4% of Equity Investment Corp's holdings, making the stock its 29th biggest holding. Equity Investment Corp owned 1.27% of NNN REIT worth $100,089,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in NNN REIT in the second quarter worth about $1,242,752,000. Bank of America Corp DE purchased a new stake in shares of NNN REIT during the second quarter valued at approximately $87,737,000. Bank of New York Mellon Corp purchased a new stake in shares of NNN REIT during the second quarter valued at approximately $85,430,000. Jefferies Financial Group Inc. purchased a new stake in shares of NNN REIT during the second quarter valued at approximately $66,584,000. Finally, Legal & General Group Plc bought a new stake in shares of NNN REIT during the second quarter valued at approximately $45,077,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NNN has been the subject of a number of recent analyst reports. Barclays decreased their target price on NNN REIT from $47.00 to $43.00 and set an "underweight" rating for the company in a research report on Tuesday, October 20th. Evercore set a $47.00 price target on shares of NNN REIT in a report on Monday, September 21st. B. Riley Financial reissued a "neutral" rating and set a $47.50 price objective (up from $46.00) on shares of NNN REIT in a report on Wednesday, August 12th. Royal Bank Of Canada boosted their price objective on shares of NNN REIT from $42.00 to $43.00 and gave the company a "sector perform" rating in a report on Thursday, November 5th. Finally, Citigroup lowered their price objective on shares of NNN REIT from $46.00 to $44.00 and set a "neutral" rating on the stock in a research report on Friday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, NNN REIT has an average rating of "Hold" and an average price target of $46.56.

NNN REIT Trading Up 0.2%

Shares of NNN REIT stock opened at $41.76 on Wednesday. NNN REIT, Inc. has a fifty-two week low of $38.90 and a fifty-two week high of $50.00. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.58 and a current ratio of 0.58. The company has a market capitalization of $8.10 billion, a P/E ratio of 19.88, a P/E/G ratio of 5.67 and a beta of 0.77. The company has a fifty day moving average of $41.81 and a 200 day moving average of $44.24.

NNN REIT (NYSE:NNN - Get Free Report) last released its earnings results on Wednesday, November 4th. The real estate investment trust reported $0.57 EPS for the quarter, topping the consensus estimate of $0.52 by $0.05. NNN REIT had a net margin of 40.89% and a return on equity of 8.93%. The firm had revenue of $249.68 million for the quarter, compared to the consensus estimate of $245.37 million. On average, sell-side analysts anticipate that NNN REIT, Inc. will post 3.52 earnings per share for the current fiscal year.

NNN REIT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a $0.62 dividend. The ex-dividend date is Friday, October 30th. This represents a $2.48 dividend on an annualized basis and a yield of 5.9%. NNN REIT's dividend payout ratio (DPR) is currently 118.10%.

NNN REIT Profile

NNN REIT, Inc. is a real estate investment trust that owns and manages freestanding retail properties across the United States. Its portfolio includes properties leased to businesses in a range of retail categories. The company primarily uses long-term, single-tenant net leases. Under these arrangements, tenants generally pay property expenses such as taxes, insurance and maintenance in addition to rent. Founded in 1984, the company was formerly known as National Retail Properties before adopting the NNN REIT name in 2023.

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