NNN REIT, Inc. (NYSE:NNN) Stake Reduced by Sumitomo Mitsui Trust Holdings Inc.

Posted by on Jul 19th, 2023

Sumitomo Mitsui Trust Holdings Inc. cut its holdings in NNN REIT, Inc. (NYSE:NNN – Free Report) by 1.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,218,008 shares of the real estate investment trust’s stock after selling 18,632 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.67% of NNN REIT worth $53,775,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NNN. Norges Bank purchased a new position in NNN REIT in the 4th quarter worth about $90,553,000. State Street Corp increased its stake in NNN REIT by 8.8% in the 1st quarter. State Street Corp now owns 19,941,222 shares of the real estate investment trust’s stock worth $896,159,000 after purchasing an additional 1,610,795 shares in the last quarter. Federated Hermes Inc. increased its stake in NNN REIT by 29.0% in the 1st quarter. Federated Hermes Inc. now owns 2,556,747 shares of the real estate investment trust’s stock worth $114,900,000 after purchasing an additional 574,203 shares in the last quarter. Prudential Financial Inc. increased its stake in NNN REIT by 1,743.6% in the 2nd quarter. Prudential Financial Inc. now owns 435,540 shares of the real estate investment trust’s stock worth $18,728,000 after purchasing an additional 411,915 shares in the last quarter. Finally, Invesco Ltd. increased its stake in NNN REIT by 52.5% in the 1st quarter. Invesco Ltd. now owns 1,087,600 shares of the real estate investment trust’s stock worth $48,877,000 after purchasing an additional 374,358 shares in the last quarter. 87.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NNN has been the topic of a number of analyst reports. StockNews.com initiated coverage on NNN REIT in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Janney Montgomery Scott raised NNN REIT from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, June 28th. BNP Paribas initiated coverage on NNN REIT in a research note on Wednesday, June 14th. They set an “underperform” rating and a $42.00 target price on the stock. B. Riley lowered their target price on NNN REIT from $53.00 to $50.00 in a research note on Wednesday, May 3rd. Finally, Raymond James lowered their target price on NNN REIT from $50.00 to $47.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $48.38.

NNN REIT Stock Down 0.4 %

Shares of NNN REIT stock opened at $42.98 on Wednesday. The firm has a market cap of $7.83 billion, a price-to-earnings ratio of 22.39, a P/E/G ratio of 4.49 and a beta of 0.89. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.62 and a quick ratio of 0.62. NNN REIT, Inc. has a 52-week low of $38.05 and a 52-week high of $48.42. The stock has a 50-day simple moving average of $42.85 and a 200-day simple moving average of $44.20.

NNN REIT (NYSE:NNN – Get Free Report) last announced its quarterly earnings results on Tuesday, May 2nd. The real estate investment trust reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.03. The business had revenue of $204.11 million during the quarter, compared to analyst estimates of $200.10 million. NNN REIT had a return on equity of 8.49% and a net margin of 43.64%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.79 EPS. On average, equities research analysts expect that NNN REIT, Inc. will post 3.2 earnings per share for the current fiscal year.

NNN REIT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be issued a dividend of $0.565 per share. This represents a $2.26 annualized dividend and a dividend yield of 5.26%. This is a positive change from NNN REIT’s previous quarterly dividend of $0.55. The ex-dividend date is Friday, July 28th. NNN REIT’s payout ratio is currently 114.58%.

About NNN REIT

(Free Report)

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2023, the company owned 3,449 properties in 49 states with a gross leasable area of approximately 35.3 million square feet and with a weighted average remaining lease term of 10.3 years.

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Institutional Ownership by Quarter for NNN REIT (NYSE:NNN)

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