Spire Wealth Management raised its stake in NNN REIT, Inc. (NYSE:NNN – Free Report) by 41.1% in the first quarter, HoldingsChannel reports. The fund owned 2,427 shares of the real estate investment trust’s stock after purchasing an additional 707 shares during the period. Spire Wealth Management’s holdings in NNN REIT were worth $107,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently bought and sold shares of NNN. Norges Bank acquired a new position in NNN REIT in the fourth quarter valued at approximately $90,553,000. State Street Corp lifted its holdings in NNN REIT by 8.8% in the first quarter. State Street Corp now owns 19,941,222 shares of the real estate investment trust’s stock valued at $896,159,000 after acquiring an additional 1,610,795 shares during the period. Federated Hermes Inc. lifted its holdings in NNN REIT by 29.0% in the first quarter. Federated Hermes Inc. now owns 2,556,747 shares of the real estate investment trust’s stock valued at $114,900,000 after acquiring an additional 574,203 shares during the period. Prudential Financial Inc. lifted its holdings in NNN REIT by 1,743.6% in the second quarter. Prudential Financial Inc. now owns 435,540 shares of the real estate investment trust’s stock valued at $18,728,000 after acquiring an additional 411,915 shares during the period. Finally, Invesco Ltd. lifted its holdings in NNN REIT by 52.5% in the first quarter. Invesco Ltd. now owns 1,087,600 shares of the real estate investment trust’s stock valued at $48,877,000 after acquiring an additional 374,358 shares during the period. 87.76% of the stock is owned by institutional investors and hedge funds.
NNN REIT Stock Up 1.2 %
NYSE NNN opened at $38.99 on Wednesday. The business has a fifty day moving average price of $41.92 and a 200 day moving average price of $43.16. NNN REIT, Inc. has a one year low of $38.05 and a one year high of $48.21. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.45 and a current ratio of 1.45. The company has a market cap of $7.11 billion, a P/E ratio of 19.11, a P/E/G ratio of 4.03 and a beta of 0.88.
NNN REIT Increases Dividend
Analyst Ratings Changes
Several brokerages have recently weighed in on NNN. Royal Bank of Canada reduced their target price on NNN REIT from $46.00 to $45.00 and set a “sector perform” rating for the company in a research note on Thursday, August 3rd. BNP Paribas began coverage on NNN REIT in a research note on Wednesday, June 14th. They set an “underperform” rating and a $42.00 target price for the company. StockNews.com began coverage on NNN REIT in a research note on Thursday, August 17th. They set a “hold” rating for the company. Janney Montgomery Scott raised NNN REIT from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Wednesday, June 28th. Finally, B. Riley reduced their target price on NNN REIT from $50.00 to $46.00 in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, NNN REIT has a consensus rating of “Hold” and an average price target of $47.00.
Get Our Latest Stock Analysis on NNN REIT
About NNN REIT
NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2023, the company owned 3,479 properties in 49 states with a gross leasable area of approximately 35.5 million square feet and with a weighted average remaining lease term of 10.2 years.
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