Wells Fargo & Company Reaffirms Equal Weight Rating for NNN REIT (NYSE:NNN)

NNN REIT (NYSE:NNN)‘s stock had its “equal weight” rating restated by analysts at Wells Fargo & Company in a report released on Tuesday, Benzinga reports. They presently have a $50.00 price target on the real estate investment trust’s stock, up from their previous price target of $47.00. Wells Fargo & Company‘s price objective suggests a potential upside of 3.18% from the company’s previous close.

Other research analysts have also issued reports about the company. B. Riley increased their price objective on NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Royal Bank of Canada raised their price target on shares of NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday, August 2nd. Raymond James upped 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. StockNews.com raised shares of NNN REIT from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Finally, UBS Group upped their price target on shares of NNN REIT from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $46.83.

NNN REIT Stock Down 0.3 %

Shares of NNN stock opened at $48.46 on Tuesday. The stock’s fifty day moving average price is $47.05 and its 200 day moving average price is $43.87. NNN REIT has a 1-year low of $34.38 and a 1-year high of $49.10. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 22.23, a price-to-earnings-growth ratio of 3.84 and a beta of 1.09. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.72.

NNN REIT (NYSE:NNN) last announced 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). NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. The company had revenue of $216.81 million during the quarter, compared to analysts’ expectations of $212.30 million. During the same period in the previous year, the business earned $0.80 earnings per share. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, research analysts expect that NNN REIT will post 3.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of NNN REIT stock in a transaction on 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 $3,270,161.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is currently owned by insiders.

Institutional Trading of NNN REIT

Institutional investors and hedge funds have recently made changes to their positions in the business. Pathway Financial Advisers LLC grew its stake in NNN REIT by 32.9% in the 2nd quarter. Pathway Financial Advisers LLC now owns 5,709 shares of the real estate investment trust’s stock valued at $243,000 after acquiring an additional 1,414 shares during the period. Amalgamated Bank grew its position in shares of NNN REIT by 4.1% in the second quarter. Amalgamated Bank now owns 103,756 shares of the real estate investment trust’s stock valued at $4,420,000 after purchasing an additional 4,088 shares during the period. Nicholas Hoffman & Company LLC. increased its stake in shares of NNN REIT by 1.8% during the second quarter. Nicholas Hoffman & Company LLC. now owns 13,325 shares of the real estate investment trust’s stock worth $568,000 after purchasing an additional 240 shares in the last quarter. Raymond James Trust N.A. raised its position in shares of NNN REIT by 19.6% during the 2nd quarter. Raymond James Trust N.A. now owns 12,920 shares of the real estate investment trust’s stock worth $550,000 after purchasing an additional 2,120 shares during the last quarter. Finally, LRI Investments LLC lifted its stake in NNN REIT by 100.6% in the 2nd quarter. LRI Investments LLC now owns 1,613 shares of the real estate investment trust’s stock valued at $69,000 after buying an additional 809 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other 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.