Cornercap Investment Counsel Inc. Sells 658 Shares of NNN REIT, Inc. (NYSE:NNN)

Cornercap Investment Counsel Inc. decreased its position in shares of NNN REIT, Inc. (NYSE:NNN) by 3.9% during the fourth quarter, HoldingsChannel reports. The fund owned 16,298 shares of the real estate investment trust’s stock after selling 658 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in NNN REIT were worth $666,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Millstone Evans Group LLC purchased a new stake in NNN REIT in the 4th quarter worth about $42,000. Goodman Financial Corp grew its stake in shares of NNN REIT by 3.1% during the fourth quarter. Goodman Financial Corp now owns 299,115 shares of the real estate investment trust’s stock valued at $12,219,000 after buying an additional 9,054 shares during the last quarter. Cibc World Markets Corp raised its holdings in shares of NNN REIT by 12.4% in the fourth quarter. Cibc World Markets Corp now owns 54,572 shares of the real estate investment trust’s stock worth $2,229,000 after buying an additional 6,035 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of NNN REIT by 882.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,953 shares of the real estate investment trust’s stock worth $202,000 after acquiring an additional 4,449 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its holdings in NNN REIT by 43.3% during the 4th quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 305 shares during the period. Institutional investors own 89.96% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NNN. Wells Fargo & Company lifted their target price on NNN REIT from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Monday, March 10th. Jefferies Financial Group downgraded shares of NNN REIT from a “buy” rating to a “hold” rating and decreased their price target for the company from $52.00 to $43.00 in a research note on Thursday, January 2nd. Evercore ISI started coverage on NNN REIT in a research report on Friday, January 31st. They set an “inline” rating and a $42.00 price target on the stock. Morgan Stanley upgraded NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price objective for the company in a report on Wednesday, January 15th. Finally, B. Riley reiterated a “neutral” rating and set a $43.00 target price (down from $46.50) on shares of NNN REIT in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $44.54.

NNN REIT Stock Performance

Shares of NNN opened at $42.06 on Friday. NNN REIT, Inc. has a 12 month low of $37.55 and a 12 month high of $49.57. The stock has a fifty day moving average price of $41.06 and a 200-day moving average price of $43.08. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 1.00. The firm has a market cap of $7.91 billion, a PE ratio of 19.56, a P/E/G ratio of 2.06 and a beta of 1.10.

NNN REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.58 per share. The ex-dividend date was Friday, January 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.52%. NNN REIT’s payout ratio is 107.91%.

NNN REIT Company Profile

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.