NNN REIT (NYSE:NNN) Price Target Cut to $43.00 by Analysts at Royal Bank of Canada

NNN REIT (NYSE:NNN - Get Free Report) had its price objective cut by research analysts at Royal Bank of Canada from $45.00 to $43.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the real estate investment trust's stock. Royal Bank of Canada's target price indicates a potential upside of 6.30% from the company's current price.

A number of other analysts also recently commented on NNN. B. Riley dropped their price objective on NNN REIT from $49.00 to $46.50 and set a "buy" rating on the stock in a research note on Wednesday, December 4th. Barclays cut their target price on shares of NNN REIT from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Tuesday, February 4th. Evercore ISI started coverage on shares of NNN REIT in a research report on Friday, January 31st. They issued an "inline" rating and a $42.00 price target on the stock. UBS Group dropped their price target on NNN REIT from $49.00 to $43.00 and set a "neutral" rating on the stock in a report on Thursday, November 14th. Finally, StockNews.com cut NNN REIT from a "buy" rating to a "hold" rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $45.19.

NNN REIT Price Performance

NNN REIT stock traded down $0.36 during trading hours on Wednesday, hitting $40.45. 1,550,020 shares of the company traded hands, compared to its average volume of 923,638. The firm's 50-day simple moving average is $40.14 and its two-hundred day simple moving average is $44.04. The firm has a market cap of $7.59 billion, a P/E ratio of 18.73, a P/E/G ratio of 1.94 and a beta of 1.11. NNN REIT has a 1-year low of $37.55 and a 1-year high of $49.57. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.00.

Insider Activity at NNN REIT

In related news, EVP Michelle Lynn Miller sold 1,000 shares of NNN REIT stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total transaction of $42,510.00. Following the completion of the sale, the executive vice president now owns 68,756 shares of the company's stock, valued at approximately $2,922,817.56. This trade represents a 1.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NNN REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in NNN. SG Americas Securities LLC increased its holdings in NNN REIT by 3,469.0% in the fourth quarter. SG Americas Securities LLC now owns 91,294 shares of the real estate investment trust's stock worth $3,729,000 after buying an additional 88,736 shares during the last quarter. Sound Income Strategies LLC increased its stake in shares of NNN REIT by 9.6% during the 4th quarter. Sound Income Strategies LLC now owns 345,264 shares of the real estate investment trust's stock worth $14,104,000 after purchasing an additional 30,146 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of NNN REIT by 17.8% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 188,369 shares of the real estate investment trust's stock valued at $9,134,000 after purchasing an additional 28,476 shares in the last quarter. Pinebridge Investments L.P. lifted its stake in shares of NNN REIT by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 49,642 shares of the real estate investment trust's stock valued at $2,028,000 after purchasing an additional 14,850 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in NNN REIT in the fourth quarter worth $593,000. 89.96% of the stock is 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.