NNN REIT, Inc. (NYSE:NNN) Short Interest Up 16.1% in February

by · The Markets Daily

NNN REIT, Inc. (NYSE:NNN – Get Free Report) was the recipient of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 5,330,000 shares, a growth of 16.1% from the February 13th total of 4,590,000 shares. Currently, 2.9% of the shares of the company are sold short. Based on an average daily trading volume, of 1,280,000 shares, the days-to-cover ratio is currently 4.2 days.

Hedge Funds Weigh In On NNN REIT

Several institutional investors have recently bought and sold shares of NNN. Sound Income Strategies LLC increased its stake in shares of NNN REIT by 9.6% in the 4th quarter. Sound Income Strategies LLC now owns 345,264 shares of the real estate investment trust’s stock valued at $14,104,000 after buying an additional 30,146 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of NNN REIT in the 4th quarter valued at $206,000. SG Americas Securities LLC increased its stake in shares of NNN REIT by 3,469.0% in the 4th quarter. SG Americas Securities LLC now owns 91,294 shares of the real estate investment trust’s stock valued at $3,729,000 after buying an additional 88,736 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in shares of NNN REIT in the 4th quarter valued at $527,000. Finally, Red Spruce Capital LLC increased its stake in shares of NNN REIT by 16.9% in the 4th quarter. Red Spruce Capital LLC now owns 43,443 shares of the real estate investment trust’s stock valued at $1,775,000 after buying an additional 6,289 shares during the period. Institutional investors own 89.96% of the company’s stock.

Analysts Set New Price Targets

NNN has been the topic of a number of research analyst reports. Royal Bank of Canada lowered their target price on NNN REIT from $45.00 to $43.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 12th. Jefferies Financial Group lowered NNN REIT from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $52.00 to $43.00 in a report on Thursday, January 2nd. Janney Montgomery Scott lowered NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a report on Wednesday, January 15th. B. Riley reissued a “neutral” rating and set a $43.00 price objective (down previously from $46.50) on shares of NNN REIT in a report on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft started coverage on NNN REIT in a report on Wednesday, December 11th. They set a “hold” rating and a $46.00 price objective on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, NNN REIT has an average rating of “Hold” and an average target price of $44.54.

Check Out Our Latest Stock Report on NNN REIT

NNN REIT Price Performance

NNN traded down $0.59 during trading on Wednesday, hitting $41.65. The company’s stock had a trading volume of 1,367,089 shares, compared to its average volume of 1,073,609. The firm’s 50 day moving average price is $40.70 and its two-hundred day moving average price is $43.39. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 1.00. NNN REIT has a 12 month low of $37.55 and a 12 month high of $49.57. The stock has a market capitalization of $7.81 billion, a price-to-earnings ratio of 19.37, a price-to-earnings-growth ratio of 2.06 and a beta of 1.10.

NNN REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a $0.58 dividend. The ex-dividend date was Friday, January 31st. This represents a $2.32 annualized dividend and a yield of 5.57%. NNN REIT’s payout ratio is 107.91%.

NNN REIT Company Profile

(Get Free Report)

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.

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