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

NNN REIT (NYSE:NNN) had its price target trimmed by Royal Bank of Canada from $45.00 to $43.00 in a research note issued to investors on Wednesday,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 recently commented on NNN. Barclays lowered their price target on NNN REIT from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of NNN REIT in a report on Wednesday, December 11th. They issued a “hold” rating and a $46.00 target price on the stock. UBS Group cut their target price on shares of NNN REIT from $49.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Morgan Stanley upgraded shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price objective for the company in a research report on Wednesday, January 15th. Finally, Colliers Securities downgraded shares of NNN REIT from a “buy” rating to a “neutral” rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $45.19.

NNN REIT Price Performance

Shares of NNN REIT stock opened at $39.63 on Wednesday. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 1.94 and a beta of 1.11. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.00. The stock’s 50-day simple moving average is $40.23 and its 200-day simple moving average is $44.11. NNN REIT has a 52 week low of $37.55 and a 52 week high of $49.57.

NNN REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, January 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.85%. NNN REIT’s dividend payout ratio is 107.41%.

Insider Transactions at NNN REIT

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $42.51, for a total value of $42,510.00. Following the transaction, the executive vice president now owns 68,756 shares of the company’s stock, valued at $2,922,817.56. This trade represents a 1.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On NNN REIT

A number of hedge funds have recently added to or reduced their stakes in NNN. Millstone Evans Group LLC bought a new stake in shares of NNN REIT during the fourth quarter valued at approximately $42,000. Goodman Financial Corp raised its position in NNN REIT by 3.1% during the 4th quarter. Goodman Financial Corp now owns 299,115 shares of the real estate investment trust’s stock valued at $12,219,000 after purchasing an additional 9,054 shares in the last quarter. Cibc World Markets Corp lifted its holdings in shares of NNN REIT by 12.4% in the 4th quarter. Cibc World Markets Corp now owns 54,572 shares of the real estate investment trust’s stock worth $2,229,000 after buying an additional 6,035 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of NNN REIT by 882.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,953 shares of the real estate investment trust’s stock worth $202,000 after buying an additional 4,449 shares in the last quarter. Finally, Lindbrook Capital LLC increased its stake in shares of NNN REIT by 43.3% during the fourth quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 305 shares during the period. 89.96% of the stock is currently owned by institutional investors.

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.