NNN REIT, Inc. (NYSE:NNN) Receives $47.33 Average Target Price from Brokerages

Shares of NNN REIT, Inc. (NYSE:NNN) have been given a consensus recommendation of “Hold” by the six brokerages that are currently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $47.33.

A number of brokerages have commented on NNN. Wells Fargo & Company restated an “equal weight” rating and issued a $50.00 price target (up previously from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. Royal Bank of Canada boosted their price target on NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Raymond James increased their price objective 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. B. Riley boosted their target price on shares of NNN REIT from $42.50 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, UBS Group raised their target price on shares of NNN REIT from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th.

NNN REIT Stock Performance

Shares of NNN opened at $45.98 on Thursday. 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 business has a 50-day simple moving average of $47.83 and a two-hundred day simple moving average of $44.70. The stock has a market cap of $8.44 billion, a price-to-earnings ratio of 20.71, a PEG ratio of 3.86 and a beta of 1.09. NNN REIT has a 52 week low of $35.47 and a 52 week high of $49.57.

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

NNN REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.58 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.32 annualized dividend and a yield of 5.05%. NNN REIT’s dividend payout ratio (DPR) is currently 104.50%.

Insiders Place Their Bets

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were 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 owns 69,756 shares of the company’s stock, valued at approximately $3,270,161.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of NNN REIT

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