Sound Income Strategies LLC Boosts Position in NNN REIT, Inc. (NYSE:NNN)

Sound Income Strategies LLC increased its holdings in NNN REIT, Inc. (NYSE:NNN - Free Report) by 11.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384,553 shares of the real estate investment trust's stock after buying an additional 39,289 shares during the quarter. Sound Income Strategies LLC owned about 0.20% of NNN REIT worth $16,401,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NNN. Lindbrook Capital LLC boosted its position in shares of NNN REIT by 43.3% in the fourth quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust's stock worth $41,000 after buying an additional 305 shares during the period. Farther Finance Advisors LLC raised its holdings in NNN REIT by 25.6% in the 1st quarter. Farther Finance Advisors LLC now owns 2,682 shares of the real estate investment trust's stock worth $114,000 after acquiring an additional 546 shares during the period. Parallel Advisors LLC increased its stake in shares of NNN REIT by 10.6% in the first quarter. Parallel Advisors LLC now owns 6,566 shares of the real estate investment trust's stock worth $280,000 after purchasing an additional 628 shares during the period. Putney Financial Group LLC bought a new stake in shares of NNN REIT in the fourth quarter valued at approximately $38,000. Finally, Millstone Evans Group LLC bought a new position in shares of NNN REIT during the 4th quarter worth about $42,000. 89.96% of the stock is currently owned by institutional investors.

NNN REIT Price Performance

Shares of NNN stock traded up $0.27 during trading hours on Wednesday, hitting $42.67. 759,121 shares of the company's stock were exchanged, compared to its average volume of 1,188,150. 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 capitalization of $8.02 billion, a PE ratio of 19.94, a PEG ratio of 3.92 and a beta of 0.92. The business's 50 day simple moving average is $41.41 and its 200-day simple moving average is $41.09. NNN REIT, Inc. has a 12-month low of $35.80 and a 12-month high of $49.57.

NNN REIT (NYSE:NNN - Get Free Report) last posted its quarterly earnings data 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. NNN REIT had a return on equity of 9.23% and a net margin of 45.09%. The business had revenue of $230.85 million during the quarter, compared to the consensus estimate of $219.68 million. During the same quarter in the prior year, the company earned $0.84 earnings per share. The firm's quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts anticipate that NNN REIT, Inc. will post 3.33 earnings per share for the current year.

NNN REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend was Wednesday, April 30th. NNN REIT's dividend payout ratio (DPR) is presently 108.41%.

Wall Street Analysts Forecast Growth

NNN has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on shares of NNN REIT from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Monday, March 10th. Barclays decreased their price target on shares of NNN REIT from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 21st. UBS Group cut their price objective on shares of NNN REIT from $44.00 to $43.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Finally, B. Riley restated a "neutral" rating and set a $43.00 price objective (down previously from $46.50) on shares of NNN REIT in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, NNN REIT presently has a consensus rating of "Hold" and a consensus price target of $44.46.

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.