Cornercap Investment Counsel Inc. Sells 13,439 Shares of NNN REIT, Inc. (NYSE:NNN)

Cornercap Investment Counsel Inc. cut its holdings in NNN REIT, Inc. (NYSE:NNN) by 44.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,956 shares of the real estate investment trust’s stock after selling 13,439 shares during the period. Cornercap Investment Counsel Inc.’s holdings in NNN REIT were worth $822,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. LRI Investments LLC purchased a new stake in NNN REIT in the 1st quarter valued at about $34,000. Bruce G. Allen Investments LLC increased its stake in NNN REIT by 1,276.8% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 1,047 shares in the last quarter. Versant Capital Management Inc acquired a new stake in shares of NNN REIT in the second quarter worth $59,000. Farther Finance Advisors LLC increased its stake in shares of NNN REIT by 14.1% in the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock worth $110,000 after acquiring an additional 280 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of NNN REIT by 93.2% in the second quarter. GAMMA Investing LLC now owns 2,328 shares of the real estate investment trust’s stock worth $99,000 after acquiring an additional 1,123 shares during the period. 89.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on NNN shares. Colliers Securities downgraded shares of NNN REIT from a “buy” rating to a “neutral” rating in a report on Friday, November 1st. UBS Group decreased their price objective on shares of NNN REIT from $49.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $50.00 price objective (up from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. Royal Bank of Canada decreased their price objective on shares of NNN REIT from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Finally, Robert W. Baird increased their price objective on shares of NNN REIT from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $46.29.

NNN REIT Price Performance

Shares of NNN opened at $42.20 on Friday. NNN REIT, Inc. has a 1-year low of $38.49 and a 1-year high of $49.57. The stock has a market cap of $7.91 billion, a PE ratio of 19.54, a P/E/G ratio of 2.14 and a beta of 1.10. The firm has a 50-day simple moving average of $46.73 and a two-hundred day simple moving average of $44.85. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.85 and a quick ratio of 2.85.

NNN REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.58 dividend. The ex-dividend date was Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a yield of 5.50%. NNN REIT’s dividend payout ratio is currently 107.41%.

NNN REIT Company Profile

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.