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NNN REIT (NYSE:NNN) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

NNN REIT logo with Finance background

NNN REIT, Inc. (NYSE:NNN - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $41.24 and traded as high as $44.15. NNN REIT shares last traded at $44.08, with a volume of 1,597,756 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NNN shares. UBS Group dropped their price objective on NNN REIT from $43.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday. Evercore ISI lifted their price objective on NNN REIT from $43.00 to $44.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Barclays dropped their price objective on NNN REIT from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, NNN REIT presently has a consensus rating of "Hold" and an average target price of $44.54.

Read Our Latest Stock Analysis on NNN REIT

NNN REIT Price Performance

The firm has a market cap of $8.03 billion, a price-to-earnings ratio of 19.98, a P/E/G ratio of 4.04 and a beta of 0.92. 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 50 day moving average of $42.32 and a 200 day moving average of $41.30.

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

NNN REIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 5.62%. The ex-dividend date of this dividend is Thursday, July 31st. This is a boost from NNN REIT's previous quarterly dividend of $0.58. NNN REIT's dividend payout ratio is 108.41%.

Institutional Investors Weigh In On NNN REIT

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its stake in NNN REIT by 3,301.7% in the first quarter. GAMMA Investing LLC now owns 98,138 shares of the real estate investment trust's stock valued at $4,186,000 after acquiring an additional 95,253 shares during the last quarter. Sound Income Strategies LLC grew its stake in shares of NNN REIT by 11.4% during the first quarter. Sound Income Strategies LLC now owns 384,553 shares of the real estate investment trust's stock worth $16,401,000 after buying an additional 39,289 shares during the last quarter. Adams Asset Advisors LLC grew its stake in shares of NNN REIT by 119.0% during the second quarter. Adams Asset Advisors LLC now owns 40,766 shares of the real estate investment trust's stock worth $1,760,000 after buying an additional 22,155 shares during the last quarter. Allstate Corp grew its stake in shares of NNN REIT by 159.5% during the first quarter. Allstate Corp now owns 25,510 shares of the real estate investment trust's stock worth $1,088,000 after buying an additional 15,678 shares during the last quarter. Finally, Pinebridge Investments L.P. grew its stake in shares of NNN REIT by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 49,642 shares of the real estate investment trust's stock worth $2,028,000 after buying an additional 14,850 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

About NNN REIT

(Get Free Report)

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.

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