NNN REIT (NYSE:NNN) Price Target Raised to $49.00

NNN REIT (NYSE:NNN - Free Report) had its price objective increased by UBS Group from $48.00 to $49.00 in a research note published on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the real estate investment trust's stock.

Other equities research analysts have also recently issued research reports about the stock. Royal Bank of Canada lifted their target price 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 raised shares of NNN REIT from a "hold" rating to a "buy" rating in a research note on Friday, August 2nd. B. Riley lifted their target price on shares of NNN REIT from $42.50 to $49.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $50.00 target price (up previously from $47.00) on shares of NNN REIT in a research note on Tuesday, October 1st. Finally, Raymond James lifted their target price on shares of NNN REIT from $47.00 to $48.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, NNN REIT has a consensus rating of "Hold" and an average price target of $47.33.

NNN REIT Stock Performance

Shares of NYSE NNN traded up $0.34 during midday trading on Wednesday, reaching $49.36. 708,576 shares of the stock were exchanged, compared to its average volume of 1,155,232. The firm has a market cap of $9.05 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 3.79 and a beta of 1.09. NNN REIT has a twelve month low of $34.61 and a twelve month high of $49.57. The firm has a 50-day simple moving average of $47.41 and a two-hundred day simple moving average of $44.24. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04.

NNN REIT (NYSE:NNN - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.82 by ($0.24). NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. The company had revenue of $216.81 million during the quarter, compared to analyst estimates of $212.30 million. During the same period in the prior year, the business posted $0.80 EPS. NNN REIT's revenue was up 7.0% compared to the same quarter last year. As a group, analysts anticipate that NNN REIT will post 3.3 EPS for the current fiscal year.

NNN REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date is Thursday, October 31st. NNN REIT's dividend payout ratio is presently 106.42%.

Insider Activity at NNN REIT

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the company'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 value of $187,520.00. Following the completion of the transaction, the executive vice president now directly owns 69,756 shares of the company's stock, valued at $3,270,161.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NNN REIT

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NNN. Sound Income Strategies LLC raised its position in NNN REIT by 96,000.0% in the first quarter. Sound Income Strategies LLC now owns 48,050 shares of the real estate investment trust's stock worth $2,054,000 after acquiring an additional 48,000 shares in the last quarter. SG Americas Securities LLC grew its stake in NNN REIT by 95.5% during the first quarter. SG Americas Securities LLC now owns 63,745 shares of the real estate investment trust's stock worth $2,724,000 after buying an additional 31,141 shares during the period. Steph & Co. purchased a new position in shares of NNN REIT in the first quarter valued at $170,000. Raymond James Trust N.A. boosted its stake in shares of NNN REIT by 19.6% in the second quarter. Raymond James Trust N.A. now owns 12,920 shares of the real estate investment trust's stock valued at $550,000 after purchasing an additional 2,120 shares during the period. Finally, 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 purchasing an additional 1,123 shares during the period. Hedge funds and other institutional investors own 89.96% of the company's stock.

About NNN REIT

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.