Goodman Financial Corp Increases Stake 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 raised its stake in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 biggest holding. Goodman Financial Corp owned approximately 0.16% of NNN REIT worth $13,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in 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 buying an additional 546 shares during the last quarter. Parallel Advisors LLC raised its holdings in NNN REIT by 10.6% during the 1st quarter. Parallel Advisors LLC now owns 6,566 shares of the real estate investment trust's stock valued at $280,000 after buying an additional 628 shares during the last quarter. Putney Financial Group LLC bought a new stake in NNN REIT during the 4th quarter valued at $38,000. Inlight Wealth Management LLC bought a new stake in NNN REIT during the 1st quarter valued at $57,000. Finally, NBC Securities Inc. raised its holdings in NNN REIT by 104,000.0% during the 1st quarter. NBC Securities Inc. now owns 2,082 shares of the real estate investment trust's stock valued at $88,000 after buying an additional 2,080 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NNN shares. UBS Group lowered their price target on shares of NNN REIT from $43.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Barclays lowered shares of NNN REIT from a "strong-buy" rating to a "strong sell" rating in a report on Tuesday, July 22nd. Finally, Evercore ISI upped their price objective on shares of NNN REIT from $43.00 to $44.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $44.38.

NNN REIT Stock Up 1.7%

Shares of NNN REIT stock traded up $0.71 during trading on Friday, hitting $41.97. The company's stock had a trading volume of 1,776,466 shares, compared to its average volume of 1,161,305. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.58 and a current ratio of 0.58. The company has a fifty day simple moving average of $42.57 and a two-hundred day simple moving average of $41.53. The company has a market capitalization of $7.89 billion, a PE ratio of 19.61, a P/E/G ratio of 3.87 and a beta of 0.92. NNN REIT, Inc. has a 52 week low of $35.80 and a 52 week high of $49.57.

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

NNN REIT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Thursday, July 31st. This is a positive change from NNN REIT's previous quarterly dividend of $0.58. NNN REIT's dividend payout ratio (DPR) is 112.15%.

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.