Royal Bank of Canada Issues Pessimistic Forecast for NNN REIT (NYSE:NNN) Stock Price

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

Several other research firms have also recently weighed in on NNN. StockNews.com cut NNN REIT from a “buy” rating to a “hold” rating in a report on Monday, October 28th. B. Riley raised their price target on 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 reissued an “equal weight” rating and set a $50.00 price objective (up from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. UBS Group raised their target price on shares of NNN REIT from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Raymond James boosted their price target on shares of NNN REIT from $47.00 to $48.00 and gave the company 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $47.17.

NNN REIT Stock Down 0.1 %

Shares of NYSE NNN opened at $43.40 on Friday. The firm’s fifty day moving average is $47.71 and its 200 day moving average is $44.75. NNN REIT has a 52 week low of $37.69 and a 52 week high of $49.57. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. The company has a market cap of $7.97 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 3.46 and a beta of 1.10.

NNN REIT (NYSE:NNN) last issued its quarterly earnings data 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). The firm had revenue of $216.81 million for the quarter, compared to the consensus estimate of $212.30 million. NNN REIT had a net margin of 45.63% and a return on equity of 9.47%. The business’s revenue was up 7.0% on a year-over-year basis. During the same period last year, the company posted $0.80 earnings per share. On average, equities research analysts expect that NNN REIT will post 3.3 earnings per share for the current year.

NNN REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date is Thursday, October 31st. NNN REIT’s dividend payout ratio is presently 107.41%.

Insider Buying and Selling

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were 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 of the company’s stock, valued at $3,270,161.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. LRI Investments LLC bought a new position in shares of NNN REIT during the first quarter valued at $34,000. Bruce G. Allen Investments LLC increased its stake in NNN REIT by 1,276.8% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 1,047 shares in the last quarter. Versant Capital Management Inc purchased a new position in NNN REIT in the second quarter worth about $59,000. GAMMA Investing LLC lifted 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 worth $99,000 after buying an additional 1,123 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted 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 worth $110,000 after buying an additional 280 shares in the last quarter. Hedge funds and other 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.