Pasadena Private Wealth LLC Purchases New Stake in NNN REIT, Inc. $NNN

Key Points

• Pasadena Private Wealth LLC acquired 42,751 shares of NNN REIT, valued at approximately $1.99 million. Institutional investors and hedge funds collectively own 89.96% of the company, including significant new positions from BlackRock and other large firms.
• NNN REIT exceeded quarterly earnings and revenue expectations, reporting $0.52 in EPS versus the $0.51 consensus and $244.27 million in revenue. The company also raised its quarterly dividend to $0.62 per share, representing a 5.4% annualized yield.
• Analysts maintain a largely neutral view, with a consensus rating of “Hold” and an average price target of $47.60, compared with the stock’s reported opening price of $46.24.

Pasadena Private Wealth LLC acquired a new position in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 42,751 shares of the real estate investment trust's stock, valued at approximately $1,989,000.

A number of other large investors have also recently bought and sold shares of NNN. BlackRock Inc. acquired a new position in shares of NNN REIT in the 2nd quarter valued at approximately $1,242,752,000. Bank of New York Mellon Corp acquired a new stake in shares of NNN REIT during the 2nd quarter worth approximately $85,430,000. Equity Investment Corp acquired a new stake in shares of NNN REIT during the 2nd quarter worth approximately $77,566,000. Sound Income Strategies LLC increased its stake in NNN REIT by 1.6% in the first quarter. Sound Income Strategies LLC now owns 476,389 shares of the real estate investment trust's stock valued at $20,223,000 after acquiring an additional 7,344 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in NNN REIT in the second quarter valued at approximately $19,961,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

NNN REIT Price Performance

Shares of NYSE:NNN opened at $46.24 on Thursday. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 7.41 and a beta of 0.79. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.15 and a quick ratio of 1.15. The firm has a 50 day simple moving average of $47.07 and a 200 day simple moving average of $45.11. NNN REIT, Inc. has a one year low of $38.90 and a one year high of $50.00.

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

NNN REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $0.62 per share. This is a positive change from NNN REIT's previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.48 annualized dividend and a dividend yield of 5.4%. NNN REIT's dividend payout ratio (DPR) is 121.57%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Morgan Stanley cut NNN REIT from an "overweight" rating to an "equal weight" rating and set a $50.00 target price for the company. in a research note on Monday, July 20th. Royal Bank Of Canada lifted their price target on NNN REIT from $44.00 to $47.00 and gave the company a "sector perform" rating in a research note on Thursday, August 6th. Citigroup boosted their price target on NNN REIT from $42.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Evercore set a $48.00 price objective on NNN REIT in a research report on Thursday, August 6th. Finally, National Bank Financial set a $50.00 price objective on NNN REIT in a research note on Monday, July 20th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, NNN REIT has a consensus rating of "Hold" and an average price target of $47.60.

About NNN REIT

NNN REIT NYSE: NNN, formally known as National Retail Properties, is a publicly traded real estate investment trust focused on acquiring, owning and managing a diversified portfolio of retail properties across the United States. As a net-lease REIT, the company enters into long-term, triple-net leases with national and regional tenants, shifting most property-related expenses, including maintenance, taxes and insurance, to its lessees. This structure provides NNN REIT with predictable cash flows and a stable income stream rooted in essential retail uses such as convenience stores, dollar stores, drug stores and quick-service restaurants.

Founded in 1984 and headquartered in Orlando, Florida, NNN REIT has steadily grown its footprint through disciplined acquisitions and selective lease underwriting.

Want to see what other hedge funds are holding NNN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NNN REIT, Inc. (NYSE:NNN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source