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

NNN REIT (NYSE:NNN - Free Report) had its price objective trimmed by Royal Bank of Canada from $48.00 to $45.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust's stock.

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

NNN REIT Price Performance

NNN stock traded down $0.04 during trading on Friday, reaching $43.40. 1,533,514 shares of the company were exchanged, compared to its average volume of 1,154,658. NNN REIT has a 52-week low of $37.69 and a 52-week high of $49.57. The company has a market cap of $7.97 billion, a P/E ratio of 19.55, a PEG ratio of 3.66 and a beta of 1.09. The stock's 50 day moving average price is $47.71 and its 200 day moving average price is $44.71. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.72 and a current ratio of 1.72.

NNN REIT (NYSE:NNN - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share 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 firm had revenue of $216.81 million during the quarter, compared to analysts' expectations of $212.30 million. During the same quarter in the prior year, the business earned $0.80 EPS. The company's quarterly revenue was up 7.0% compared to the same quarter last year. As a group, analysts predict that NNN REIT will post 3.3 earnings per share for the current fiscal year.

NNN REIT Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the business's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the completion of the sale, the executive vice president now directly owns 69,756 shares of the company's stock, valued at $3,270,161.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. LRI Investments LLC acquired a new stake in shares of NNN REIT in the first quarter valued at about $34,000. Bruce G. Allen Investments LLC grew its stake in shares of NNN REIT by 1,276.8% during 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 acquiring an additional 1,047 shares in the last quarter. Versant Capital Management Inc purchased a new position in NNN REIT in the second quarter valued at about $59,000. Farther Finance Advisors LLC grew its stake in NNN REIT by 14.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust's stock valued at $110,000 after purchasing an additional 280 shares in the last quarter. Finally, GAMMA Investing LLC increased 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. 89.96% of the stock is owned by institutional investors and hedge funds.

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.