NNN REIT, Inc. $NNN Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its NNN REIT stake by 2.1% to 221,121 shares, while institutional investors collectively own nearly 90% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $47.60, compared with the stock’s reported price of $43.17.
• NNN REIT exceeded quarterly earnings and revenue expectations and raised its quarterly dividend from $0.60 to $0.62 per share, producing an annualized yield of approximately 5.7%.

California State Teachers Retirement System cut its stake in NNN REIT, Inc. (NYSE:NNN - Free Report) by 2.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 221,121 shares of the real estate investment trust's stock after selling 4,660 shares during the period. California State Teachers Retirement System owned approximately 0.12% of NNN REIT worth $10,288,760 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in NNN. BlackRock Inc. purchased a new position in shares of NNN REIT during the second quarter valued at approximately $1,242,752,000. Bank of America Corp DE bought a new stake in shares of NNN REIT during the 2nd quarter worth $87,737,000. Bank of New York Mellon Corp bought a new stake in shares of NNN REIT in the 2nd quarter worth about $85,430,000. Equity Investment Corp bought a new position in NNN REIT in the second quarter valued at approximately $77,566,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of NNN REIT during the second quarter worth about $66,584,000. Hedge funds and other institutional investors own 89.96% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on NNN. Jefferies Financial Group initiated coverage on NNN REIT in a report on Monday, June 1st. They issued a "hold" rating and a $47.00 target price on the stock. Wall Street Zen raised shares of NNN REIT from a "sell" rating to a "hold" rating in a report on Sunday, June 28th. Huntington assumed coverage on NNN REIT in a research note on Wednesday, July 15th. They set an "outperform" rating and a $51.00 price target for the company. Evercore set a $48.00 price objective on NNN REIT in a research note on Thursday, August 6th. Finally, Wells Fargo & Company dropped their target price on shares of NNN REIT from $49.00 to $47.00 and set an "equal weight" rating for the company in a report on Tuesday, September 1st. Three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $47.60.

NNN REIT Price Performance

Shares of NYSE NNN traded down $0.59 during midday trading on Tuesday, reaching $43.17. 568,570 shares of the company traded hands, compared to its average volume of 1,576,239. NNN REIT, Inc. has a 12 month low of $38.90 and a 12 month high of $50.00. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.15 and a current ratio of 1.15. The firm has a market cap of $8.29 billion, a PE ratio of 21.15, a PEG ratio of 7.09 and a beta of 0.79. The stock's 50-day simple moving average is $46.62 and its 200-day simple moving average is $45.32.

NNN REIT (NYSE:NNN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.01. NNN REIT had a return on equity of 8.70% and a net margin of 40.35%.The firm had revenue of $244.27 million for the quarter, compared to analyst estimates of $240.19 million. NNN REIT has set its FY 2026 guidance at 3.500-3.540 EPS. As a group, equities analysts anticipate that NNN REIT, Inc. will post 3.5 earnings per share for the current fiscal year.

NNN REIT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, July 31st. This is a boost from NNN REIT's previous quarterly dividend of $0.60. This represents a $2.48 dividend on an annualized basis and a yield of 5.7%. NNN REIT's dividend payout ratio is currently 121.57%.

About NNN REIT

NNN REIT NYSE: NNN is a real estate investment trust that owns and manages a diversified portfolio of retail properties across the United States. The company primarily invests in freestanding properties that are leased to tenants under long-term, triple-net agreements, which generally require tenants to pay property taxes, insurance and maintenance costs in addition to rent.

NNN REIT's properties serve a range of retail and service-oriented businesses, including convenience stores, restaurants, automotive service locations, auto parts retailers and other necessity-based retailers.

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