Versant Capital Management Inc Makes New $59,000 Investment in NNN REIT, Inc. (NYSE:NNN)

Versant Capital Management Inc purchased a new position in NNN REIT, Inc. (NYSE:NNN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,374 shares of the real estate investment trust’s stock, valued at approximately $59,000.

Other institutional investors have also bought and sold shares of the company. Harbour Trust & Investment Management Co purchased a new position in shares of NNN REIT during the fourth quarter valued at about $1,634,000. Lindbrook Capital LLC grew its position in shares of NNN REIT by 77.0% during the fourth quarter. Lindbrook Capital LLC now owns 754 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 328 shares in the last quarter. Handelsbanken Fonder AB grew its position in shares of NNN REIT by 13.7% during the fourth quarter. Handelsbanken Fonder AB now owns 29,800 shares of the real estate investment trust’s stock valued at $1,284,000 after purchasing an additional 3,600 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of NNN REIT during the fourth quarter valued at about $39,000. Finally, Essex Financial Services Inc. grew its position in shares of NNN REIT by 9.3% during the fourth quarter. Essex Financial Services Inc. now owns 12,755 shares of the real estate investment trust’s stock valued at $550,000 after purchasing an additional 1,080 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

NNN REIT Trading Up 1.1 %

NYSE NNN traded up $0.51 during trading on Tuesday, hitting $46.75. The stock had a trading volume of 2,710,182 shares, compared to its average volume of 1,224,759. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.52 and a current ratio of 1.72. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 21.44, a P/E/G ratio of 3.63 and a beta of 1.07. NNN REIT, Inc. has a one year low of $34.38 and a one year high of $47.19. The stock has a 50 day simple moving average of $43.32 and a 200 day simple moving average of $42.05.

NNN REIT (NYSE:NNN) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.24). The firm had revenue of $216.81 million during the quarter, compared to the consensus estimate of $212.30 million. NNN REIT had a return on equity of 9.70% and a net margin of 47.39%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.80 EPS. Sell-side analysts predict that NNN REIT, Inc. will post 3.29 earnings per share for the current year.

NNN REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a $0.58 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.32 annualized dividend and a yield of 4.96%. This is an increase from NNN REIT’s previous quarterly dividend of $0.57. NNN REIT’s dividend payout ratio (DPR) is presently 106.42%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on NNN shares. BNP Paribas upgraded NNN REIT from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a research report on Thursday, May 2nd. StockNews.com upgraded NNN REIT from a “hold” rating to a “buy” rating in a research report on Friday. Royal Bank of Canada lifted 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. UBS Group lifted their price target on NNN REIT from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Finally, Wells Fargo & Company dropped their price target on NNN REIT from $43.00 to $42.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, NNN REIT presently has an average rating of “Hold” and an average target price of $45.17.

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.