Goodman Financial Corp Boosts Stock Position in NNN REIT, Inc. (NYSE:NNN)

Key Points

• Goodman Financial Corp increased its stake in NNN REIT by 3.3% in the first quarter, owning a total of 308,870 shares valued at approximately $13.17 million.
• NNN REIT's recent earnings report showed an EPS of $0.87, surpassing expectations and marking a 7.2% year-over-year revenue growth to $230.85 million.
• The company has announced a quarterly dividend of $0.60 per share, reflecting an increase from the previous $0.58 and delivering a 5.70% yield for shareholders.

Goodman Financial Corp lifted its stake in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) by 3.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 308,870 shares of the real estate investment trust's stock after purchasing an additional 9,755 shares during the quarter. NNN REIT accounts for about 2.8% of Goodman Financial Corp's holdings, making the stock its 19th largest position. Goodman Financial Corp owned about 0.16% of NNN REIT worth $13,173,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of NNN. Putney Financial Group LLC purchased a new stake in NNN REIT in the 4th quarter worth approximately $38,000. Inlight Wealth Management LLC purchased a new stake in shares of NNN REIT in the 1st quarter valued at about $57,000. NBC Securities Inc. raised its holdings in shares of NNN REIT by 104,000.0% in the 1st quarter. NBC Securities Inc. now owns 2,082 shares of the real estate investment trust's stock valued at $88,000 after acquiring an additional 2,080 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of NNN REIT by 25.6% during the 1st quarter. Farther Finance Advisors LLC now owns 2,682 shares of the real estate investment trust's stock valued at $114,000 after acquiring an additional 546 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of NNN REIT by 151.9% during the first quarter. Versant Capital Management Inc now owns 4,255 shares of the real estate investment trust's stock worth $181,000 after purchasing an additional 2,566 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Evercore ISI lifted their target price on shares of NNN REIT from $43.00 to $44.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. UBS Group reduced their target price on NNN REIT from $43.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. Finally, Barclays lowered NNN REIT from a "strong-buy" rating to a "strong sell" rating in a research note on Tuesday, July 22nd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $44.38.

NNN REIT Trading Up 1.6%

NYSE NNN traded up $0.68 during trading on Monday, hitting $42.70. The company had a trading volume of 880,816 shares, compared to its average volume of 1,269,707. The company's fifty day moving average is $42.57 and its 200-day moving average is $41.56. NNN REIT, Inc. has a one year low of $35.80 and a one year high of $49.57. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.03. The company has a market cap of $8.03 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 3.94 and a beta of 0.92.

NNN REIT (NYSE:NNN - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.04. The company had revenue of $230.85 million during the quarter, compared to the consensus estimate of $219.68 million. NNN REIT had a net margin of 45.09% and a return on equity of 9.23%. NNN REIT's revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 earnings per share. On average, sell-side analysts predict that NNN REIT, Inc. will post 3.33 earnings per share for the current year.

NNN REIT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a dividend of $0.60 per share. This is a boost from NNN REIT's previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a dividend yield of 5.6%. The ex-dividend date is Thursday, July 31st. NNN REIT's dividend payout ratio is presently 112.15%.

NNN REIT 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.