Mondrian Investment Partners 13F: Cuts NNN Stake by $44M

Mondrian Investment Partners cut its holdings in NNN REIT, Inc. (NYSE:NNN) by 96.1% during the quarter, according to a Form 13F filing on October 23, 2026.

NNN NNN REIT, Inc.

$41.72 ▲ +9.99% year to date

1M 3M YTD

Daily close · Oct 23, 2026

What Changed in Mondrian Investment Partners's NNN REIT, Inc. Position

The firm sold 1,079,393 shares of the retail property trust during the period. It finished the quarter with 44,250 shares remaining, valued at about $1.82 million. Its prior stake stood at 1,123,643 shares.

Other Institutional Activity in NNN REIT, Inc.

Other large investors made substantial moves in the stock during recent periods. Verity & Verity grew its holdings by 12,786 shares, ending with 486,631 shares worth about $19.99 million. AQR Capital Management increased its position by 5,915,708 shares to hold 9,773,107 shares valued at $407.73 million. Victory Capital Management Inc. cut its stake by 2,266,709 shares, leaving it with 6,051,488 shares worth $252.47 million. Cohen & Steers Inc. boosted its holdings by 4,734,411 shares to finish with 4,979,814 shares valued at $207.76 million.

NNN REIT, Inc. Stock Up 2.5%

The stock recently traded around $41.72 on October 24, 2026, matching its close of $41.72 on the filing date. Shares sit below both the 50-day and 200-day moving averages.

Recent Earnings

NNN REIT, Inc. generated trailing twelve month revenue of $953.2 million with earnings of $2.02 per share. The company achieved a net margin of 40.4% and a return on equity of 8.7%. Revenue grew 7.7% compared to the prior year period. Investors look ahead to the next earnings release scheduled for November 4, 2026.

Dividend

The real estate investment trust pays an annual dividend rate of $2.48 per share, giving it a dividend yield of 5.89% based on recent trading levels. The payout ratio stands at 118.8%.

Insider Buying and Selling at NNN REIT, Inc.

Company insiders executed several sales earlier in the year. Chief Technology Officer Michelle Lynn Miller sold 4,000 shares on February 20, 2026, at an average price of $44.03 for a total value of $176,120. Chief Operating Officer Jonathan Adamo sold 6,000 shares on March 6, 2026, at $44.99 per share totaling $269,940. Chief Executive Officer Stephen A Horn Jr sold 33,192 shares on March 9, 2026, at $44.98 per share for a total value of $1,492,976.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock ahead of the filing. Morgan Stanley maintained an Overweight rating with a $50.00 price target on September 21, 2026. Evercore ISI Group kept an In-Line rating and set a $47.00 price target on the same day. Truist Securities initiated coverage with a Hold rating and a $45.00 price target on October 2, 2026. Wells Fargo maintained an Equal-Weight rating while lowering its target to $43.00 on October 19, 2026. Barclays kept an Underweight rating and a $43.00 target on October 20, 2026. The stock carries a consensus hold rating and a mean price target of $46.25 among 16 analysts.

About NNN REIT, Inc.

NNN REIT, Inc. is a retail real estate investment trust based in Orlando, Florida. The company owns thousands of properties across the United States leased to retail tenants on a long-term basis.

Bottom Line

Investors continue to monitor institutional ownership shifts alongside upcoming earnings results. The company's next financial report arrives on November 4, 2026.