NNN REIT (NYSE:NNN) Rating Reiterated by Wells Fargo & Company

Wells Fargo & Company reissued their equal weight rating on shares of NNN REIT (NYSE:NNN) in a research note released on Tuesday, Benzinga reports. The firm currently has a $50.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $47.00.

NNN has been the subject of several other reports. Raymond James boosted their price target on NNN REIT from $47.00 to $48.00 and gave the company an outperform rating in a research note on Wednesday, August 21st. UBS Group boosted their price target on NNN REIT from $41.00 to $46.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Royal Bank of Canada increased their price objective on shares of NNN REIT from $43.00 to $46.00 and gave the stock a sector perform rating in a research note on Friday, August 2nd. StockNews.com upgraded shares of NNN REIT from a hold rating to a buy rating in a research report on Friday, August 2nd. Finally, B. Riley increased their price target on shares of NNN REIT from $42.50 to $49.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $46.83.

NNN REIT Stock Performance

NYSE NNN opened at $47.89 on Tuesday. The stock has a market cap of $8.78 billion, a PE ratio of 21.93, a P/E/G ratio of 3.84 and a beta of 1.09. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.72 and a current ratio of 1.72. The firm has a 50-day moving average of $47.12 and a 200-day moving average of $43.90. NNN REIT has a 52-week low of $34.46 and a 52-week high of $49.10.

NNN REIT (NYSE:NNN) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.24). NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. The firm had revenue of $216.81 million during the quarter, compared to analyst estimates of $212.30 million. During the same period in the previous year, the company posted $0.80 EPS. NNN REIT’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, sell-side analysts anticipate that NNN REIT will post 3.3 EPS for the current year.

NNN REIT Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a dividend of $0.58 per share. The ex-dividend date was Wednesday, July 31st. This is an increase from NNN REIT’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 4.84%. NNN REIT’s dividend payout ratio is 106.42%.

Insider Activity at NNN REIT

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 69,756 shares in the company, valued at $3,270,161.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NNN REIT

Several large investors have recently modified their holdings of the business. LRI Investments LLC acquired a new stake in NNN REIT in the first quarter valued at $34,000. Riverview Trust Co bought a new position in shares of NNN REIT during the first quarter worth about $43,000. Bruce G. Allen Investments LLC lifted 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 worth $48,000 after acquiring an additional 1,047 shares during the period. Versant Capital Management Inc acquired a new stake in NNN REIT during the 2nd quarter valued at approximately $59,000. Finally, GAMMA Investing LLC raised its holdings in NNN REIT by 93.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,328 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 1,123 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

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.