NNN REIT (NYSE:NNN) Price Target Lowered to $45.00 at Royal Bank of Canada

NNN REIT (NYSE:NNN) had its price target decreased by Royal Bank of Canada from $48.00 to $45.00 in a research report sent to investors on Friday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the real estate investment trust’s stock.

NNN has been the topic of a number of other research reports. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $50.00 price target (up previously from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. UBS Group increased their price target on NNN REIT from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. B. Riley increased their price target on NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. StockNews.com lowered NNN REIT from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, Raymond James raised their target price on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, NNN REIT has a consensus rating of “Hold” and a consensus target price of $47.17.

NNN REIT Trading Down 0.1 %

NNN REIT stock traded down $0.04 during midday trading on Friday, reaching $43.40. 1,533,581 shares of the stock traded hands, compared to its average volume of 1,154,658. The company has a 50-day simple moving average of $47.71 and a two-hundred day simple moving average of $44.71. NNN REIT has a 12-month low of $37.69 and a 12-month high of $49.57. The firm has a market cap of $7.97 billion, a PE ratio of 19.55, a price-to-earnings-growth ratio of 3.66 and a beta of 1.09. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 1.04.

NNN REIT (NYSE:NNN) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). The firm had revenue of $216.81 million for the quarter, compared to analysts’ expectations of $212.30 million. NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.80 earnings per share. Research analysts expect that NNN REIT will post 3.3 earnings per share for the current fiscal year.

NNN REIT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.58 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a yield of 5.35%. NNN REIT’s dividend payout ratio is presently 104.50%.

Insider Buying and Selling

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $46.88, for a total transaction of $187,520.00. Following the transaction, the executive vice president now owns 69,756 shares in the company, valued at $3,270,161.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NNN. LRI Investments LLC purchased a new position in shares of NNN REIT in the 1st quarter valued at approximately $34,000. Bruce G. Allen Investments LLC boosted its stake in shares of NNN REIT by 1,276.8% in the second quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $48,000 after buying an additional 1,047 shares in the last quarter. Versant Capital Management Inc purchased a new stake in shares of NNN REIT in the second quarter valued at approximately $59,000. GAMMA Investing LLC boosted 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 valued at $99,000 after buying an additional 1,123 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted 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 valued at $110,000 after buying an additional 280 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

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.