Harbour Trust & Investment Management Co Sells 1,988 Shares of NNN REIT, Inc. (NYSE:NNN)

Harbour Trust & Investment Management Co trimmed its position in shares of NNN REIT, Inc. (NYSE:NNN) by 6.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,995 shares of the real estate investment trust’s stock after selling 1,988 shares during the quarter. Harbour Trust & Investment Management Co’s holdings in NNN REIT were worth $1,503,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Sound Income Strategies LLC boosted its position in NNN REIT by 19.0% during the 3rd quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust’s stock valued at $15,280,000 after acquiring an additional 50,213 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of NNN REIT by 23.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,881 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 553 shares in the last quarter. Handelsbanken Fonder AB boosted its position in shares of NNN REIT by 40.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 52,200 shares of the real estate investment trust’s stock worth $2,531,000 after purchasing an additional 15,100 shares in the last quarter. Pathway Financial Advisers LLC boosted its position in shares of NNN REIT by 32.9% in the 2nd quarter. Pathway Financial Advisers LLC now owns 5,709 shares of the real estate investment trust’s stock worth $243,000 after purchasing an additional 1,414 shares in the last quarter. Finally, Amalgamated Bank boosted its position in shares of NNN REIT by 4.1% in the 2nd quarter. Amalgamated Bank now owns 103,756 shares of the real estate investment trust’s stock worth $4,420,000 after purchasing an additional 4,088 shares in the last quarter. 89.96% of the stock is owned by institutional investors.

NNN REIT Stock Performance

NNN stock opened at $47.62 on Friday. The stock has a market capitalization of $8.73 billion, a PE ratio of 21.84, a price-to-earnings-growth ratio of 3.79 and a beta of 1.09. NNN REIT, Inc. has a 12-month low of $34.61 and a 12-month high of $49.57. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 1.04. The stock’s 50 day simple moving average is $47.78 and its 200 day simple moving average is $44.54.

NNN REIT (NYSE:NNN) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). The company had revenue of $216.81 million for the quarter, compared to analysts’ expectations of $212.30 million. NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. NNN REIT’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 earnings per share. As a group, research analysts forecast that NNN REIT, Inc. will post 3.3 earnings per share for the current fiscal year.

NNN REIT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.58 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a yield of 4.87%. NNN REIT’s dividend payout ratio is presently 106.42%.

Wall Street Analysts Forecast Growth

NNN has been the topic of a number of analyst reports. UBS Group boosted their price target on NNN REIT from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. StockNews.com raised NNN REIT from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Royal Bank of Canada boosted their price target on NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday, August 2nd. Wells Fargo & Company reissued an “equal weight” rating and issued a $50.00 price target (up from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. Finally, Raymond James upped their price objective on NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $47.33.

Insider Buying and Selling at NNN REIT

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the completion of the sale, the executive vice president now directly owns 69,756 shares in the company, valued at approximately $3,270,161.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.82% 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.