Equity Investment Corp Purchases 768,831 Shares of NNN REIT, Inc. $NNN

Equity Investment Corp increased its holdings in NNN REIT, Inc. (NYSE:NNN) by 46.1% in the third quarter, Holdings Channel reports. The fund owned 2,435,846 shares of the real estate investment trust’s stock after purchasing an additional 768,831 shares during the quarter. NNN REIT accounts for approximately 1.4% of Equity Investment Corp’s portfolio, making the stock its 29th largest position. Equity Investment Corp’s holdings in NNN REIT were worth $100,089,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. M&G PLC boosted its holdings in shares of NNN REIT by 1.3% in the 3rd quarter. M&G PLC now owns 275,209 shares of the real estate investment trust’s stock valued at $11,284,000 after buying an additional 3,546 shares in the last quarter. AlphaCore Capital LLC grew its position in NNN REIT by 25.3% during the 3rd quarter. AlphaCore Capital LLC now owns 12,990 shares of the real estate investment trust’s stock worth $534,000 after purchasing an additional 2,622 shares during the last quarter. Retirement Systems of Alabama increased its stake in NNN REIT by 0.6% during the 3rd quarter. Retirement Systems of Alabama now owns 197,967 shares of the real estate investment trust’s stock valued at $8,134,000 after purchasing an additional 1,196 shares in the last quarter. Ashton Thomas Private Wealth LLC increased its stake in NNN REIT by 1.4% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 52,364 shares of the real estate investment trust’s stock valued at $2,152,000 after purchasing an additional 725 shares in the last quarter. Finally, Kestra Advisory Services LLC raised its holdings in shares of NNN REIT by 5.6% in the third quarter. Kestra Advisory Services LLC now owns 49,445 shares of the real estate investment trust’s stock worth $2,032,000 after buying an additional 2,627 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NNN. National Bank Financial set a $50.00 price objective on shares of NNN REIT in a research note on Monday, July 20th. Morgan Stanley raised NNN REIT from an “equal weight” rating to an “overweight” rating and set a $50.00 target price on the stock in a research report on Monday, September 21st. Royal Bank Of Canada raised their target price on NNN REIT from $42.00 to $43.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 5th. B. Riley Financial reaffirmed a “neutral” rating and set a $47.50 price target (up from $46.00) on shares of NNN REIT in a research report on Wednesday, August 12th. Finally, Truist Financial boosted their price target on NNN REIT from $45.00 to $46.00 and gave the company a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, NNN REIT has an average rating of “Hold” and an average target price of $46.56.

NNN REIT Price Performance

Shares of NYSE NNN opened at $41.76 on Wednesday. The business’s 50 day moving average price is $41.81 and its 200 day moving average price is $44.24. The firm has a market cap of $8.10 billion, a P/E ratio of 19.88, a P/E/G ratio of 5.67 and a beta of 0.77. NNN REIT, Inc. has a 52 week low of $38.90 and a 52 week high of $50.00. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.10.

NNN REIT (NYSE:NNN) last issued its quarterly earnings results on Wednesday, November 4th. The real estate investment trust reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.05. NNN REIT had a net margin of 40.89% and a return on equity of 8.93%. The company had revenue of $249.68 million for the quarter, compared to the consensus estimate of $245.37 million. On average, sell-side analysts expect that NNN REIT, Inc. will post 3.52 earnings per share for the current year.

NNN REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, October 30th. NNN REIT’s dividend payout ratio is 118.10%.

NNN REIT Profile

NNN REIT, Inc. is a real estate investment trust that owns and manages freestanding retail properties across the United States. Its portfolio includes properties leased to businesses in a range of retail categories. The company primarily uses long-term, single-tenant net leases. Under these arrangements, tenants generally pay property expenses such as taxes, insurance and maintenance in addition to rent. Founded in 1984, the company was formerly known as National Retail Properties before adopting the NNN REIT name in 2023.