Sound Income Strategies LLC Has $20 Million Position in NNN REIT, Inc. $NNN

Key Points

• Sound Income Strategies LLC increased its stake in NNN REIT by 8% in the fourth quarter to 469,045 shares, worth about $20 million (roughly 0.25% of the company).
• NNN recently paid a quarterly dividend of $0.60 ($2.40 annualized), yielding about 5.7%, but the payout ratio is around 115.94%, which may raise sustainability concerns.
• CEO Stephen A. Horn Jr. sold 33,192 shares (~$1.49M) recently (insiders own 0.82%), and MarketBeat shows a consensus rating of "Reduce" with a $44.83 target while the stock trades near $42.47.

Sound Income Strategies LLC lifted its position in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) by 8.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 469,045 shares of the real estate investment trust's stock after acquiring an additional 34,852 shares during the quarter. Sound Income Strategies LLC owned approximately 0.25% of NNN REIT worth $20,000,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in NNN. SG Americas Securities LLC raised its position in shares of NNN REIT by 616.2% during the third quarter. SG Americas Securities LLC now owns 72,410 shares of the real estate investment trust's stock worth $3,082,000 after acquiring an additional 62,299 shares during the last quarter. Horizon Investments LLC increased its holdings in NNN REIT by 65.0% in the third quarter. Horizon Investments LLC now owns 77,022 shares of the real estate investment trust's stock valued at $3,230,000 after purchasing an additional 30,333 shares during the last quarter. Knights of Columbus Asset Advisors LLC bought a new stake in NNN REIT in the third quarter valued at about $879,000. Captrust Financial Advisors increased its holdings in NNN REIT by 17.3% in the third quarter. Captrust Financial Advisors now owns 135,241 shares of the real estate investment trust's stock valued at $5,757,000 after purchasing an additional 19,976 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in NNN REIT by 25.9% in the third quarter. Handelsbanken Fonder AB now owns 67,100 shares of the real estate investment trust's stock valued at $2,856,000 after purchasing an additional 13,800 shares during the last quarter. Institutional investors own 89.96% of the company's stock.

NNN REIT Stock Down 0.7%

Shares of NNN REIT stock opened at $42.47 on Tuesday. NNN REIT, Inc. has a 1 year low of $35.80 and a 1 year high of $46.03. The business has a 50-day moving average of $43.59 and a two-hundred day moving average of $42.02. The company has a market capitalization of $8.08 billion, a P/E ratio of 20.51, a price-to-earnings-growth ratio of 5.61 and a beta of 0.85. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.09 and a quick ratio of 1.09.

NNN REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Friday, January 30th. NNN REIT's dividend payout ratio is currently 115.94%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Evercore dropped their price objective on NNN REIT from $44.00 to $43.00 and set an "in-line" rating for the company in a report on Monday, December 15th. Stifel Nicolaus set a $48.50 price objective on NNN REIT in a report on Wednesday, February 11th. BNP Paribas Exane upped their price objective on NNN REIT from $43.00 to $44.00 and gave the company a "strong sell" rating in a report on Thursday, February 12th. Robert W. Baird set a $46.00 price objective on NNN REIT in a report on Thursday, February 12th. Finally, UBS Group upped their price objective on NNN REIT from $43.00 to $45.00 and gave the company a "neutral" rating in a report on Monday, March 9th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, NNN REIT currently has a consensus rating of "Reduce" and a consensus target price of $44.83.

Insider Activity

In related news, CEO Stephen A. Horn, Jr. sold 33,192 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $44.98, for a total transaction of $1,492,976.16. Following the completion of the transaction, the chief executive officer directly owned 822,711 shares of the company's stock, valued at approximately $37,005,540.78. This represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jonathan Adamo sold 6,000 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $44.99, for a total value of $269,940.00. Following the transaction, the executive vice president directly owned 126,358 shares of the company's stock, valued at $5,684,846.42. This trade represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.82% of the stock is owned by corporate insiders.

NNN REIT Profile

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.

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