NNN REIT, Inc. (NYSE:NNN) Given Consensus Recommendation of “Hold” by Brokerages

NNN REIT, Inc. (NYSE:NNN) has been given a consensus rating of “Hold” by the six research firms that are covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $45.50.

A number of research analysts have weighed in on the company. Raymond James increased their price target on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 21st. Wells Fargo & Company decreased their price target on NNN REIT from $43.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 30th. StockNews.com raised shares of NNN REIT from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Royal Bank of Canada increased their price objective on shares of NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Finally, UBS Group boosted their target price 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.

Insider Activity at NNN REIT

In related 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 transaction of $187,520.00. Following the transaction, the executive vice president now owns 69,756 shares in the company, valued at approximately $3,270,161.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NNN REIT

Several hedge funds have recently modified their holdings of the stock. Sound Income Strategies LLC lifted its holdings in NNN REIT by 451.3% in the 2nd quarter. Sound Income Strategies LLC now owns 264,905 shares of the real estate investment trust’s stock worth $11,285,000 after buying an additional 216,855 shares in the last quarter. Goodman Financial Corp grew its stake in NNN REIT by 3.1% during the 4th quarter. Goodman Financial Corp now owns 249,930 shares of the real estate investment trust’s stock valued at $10,772,000 after purchasing an additional 7,480 shares in the last quarter. Amalgamated Bank increased its holdings in NNN REIT by 4.1% during the 2nd quarter. Amalgamated Bank now owns 103,756 shares of the real estate investment trust’s stock worth $4,420,000 after purchasing an additional 4,088 shares during the last quarter. SG Americas Securities LLC raised its position in shares of NNN REIT by 95.5% in the 1st quarter. SG Americas Securities LLC now owns 63,745 shares of the real estate investment trust’s stock valued at $2,724,000 after purchasing an additional 31,141 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new position in shares of NNN REIT during the 4th quarter valued at approximately $2,625,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

NNN REIT Stock Up 0.8 %

Shares of NYSE:NNN opened at $47.37 on Wednesday. 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 capitalization of $8.69 billion, a P/E ratio of 21.73, a P/E/G ratio of 3.76 and a beta of 1.07. NNN REIT has a 52-week low of $34.38 and a 52-week high of $47.42. The stock’s fifty day simple moving average is $45.17 and its 200-day simple moving average is $42.88.

NNN REIT (NYSE:NNN) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). The firm had revenue of $216.81 million during the quarter, compared to analysts’ expectations of $212.30 million. NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. NNN REIT’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.80 earnings per share. As a group, equities research analysts forecast that NNN REIT will post 3.29 earnings per share for the current fiscal year.

NNN REIT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend was Wednesday, July 31st. This is an increase from NNN REIT’s previous quarterly dividend of $0.57. NNN REIT’s dividend payout ratio is 106.42%.

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.