NNN REIT (NYSE:NNN) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of NNN REIT (NYSE:NNN) from an equal weight rating to an overweight rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. Morgan Stanley currently has $48.00 target price on the real estate investment trust’s stock.

NNN has been the topic of several other research reports. UBS Group reduced their price objective on shares of NNN REIT from $49.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Robert W. Baird increased their price target on NNN REIT from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Barclays assumed coverage on NNN REIT in a report on Tuesday, December 17th. They set an “overweight” rating and a $48.00 price objective on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on NNN REIT in a research note on Wednesday, December 11th. They issued a “hold” rating and a $46.00 target price for the company. Finally, StockNews.com lowered NNN REIT from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $45.79.

NNN REIT Price Performance

Shares of NYSE:NNN opened at $40.09 on Wednesday. NNN REIT has a one year low of $37.55 and a one year high of $49.57. The stock has a market cap of $7.52 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11. The business’s fifty day moving average price is $41.60 and its two-hundred day moving average price is $44.71. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.85 and a current ratio of 2.85.

NNN REIT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 5.79%. The ex-dividend date of this dividend is Friday, January 31st. NNN REIT’s dividend payout ratio (DPR) is presently 107.41%.

Insider Activity at NNN REIT

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total value of $42,510.00. Following the sale, the executive vice president now directly owns 68,756 shares in the company, valued at $2,922,817.56. This trade represents a 1.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NNN. Everence Capital Management Inc. bought a new position in shares of NNN REIT during the 4th quarter valued at about $206,000. Sound Income Strategies LLC lifted its stake in NNN REIT by 19.0% during the third quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust’s stock valued at $15,280,000 after purchasing an additional 50,213 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in NNN REIT by 14.1% during the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 280 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in NNN REIT by 17.8% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 188,369 shares of the real estate investment trust’s stock worth $9,134,000 after buying an additional 28,476 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of NNN REIT by 40.7% in the third quarter. Handelsbanken Fonder AB now owns 52,200 shares of the real estate investment trust’s stock valued at $2,531,000 after buying an additional 15,100 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.