NNN REIT (NYSE:NNN) Given “Equal Weight” Rating at Wells Fargo & Company

NNN REIT (NYSE:NNN)‘s stock had its “equal weight” rating reiterated by stock analysts at Wells Fargo & Company in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $50.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $47.00. Wells Fargo & Company‘s price target would suggest a potential upside of 2.77% from the company’s previous close.

Several other research analysts also recently weighed in on NNN. B. Riley lifted their target price on NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Raymond James lifted their price target on NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. UBS Group lifted their price target on NNN REIT from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. StockNews.com upgraded NNN REIT from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada lifted their price target on NNN REIT from $43.00 to $46.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.83.

NNN REIT Stock Performance

NNN traded up $0.16 during trading on Tuesday, hitting $48.65. 430,544 shares of the stock were exchanged, compared to its average volume of 1,169,707. The firm has a market capitalization of $8.92 billion, a P/E ratio of 22.38, a PEG ratio of 3.84 and a beta of 1.09. NNN REIT has a 1-year low of $34.38 and a 1-year high of $49.10. The stock has a fifty day moving average price of $46.94 and a two-hundred day moving average price of $43.79. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04.

NNN REIT (NYSE:NNN) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share 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 quarter last year, the business posted $0.80 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, sell-side analysts predict that NNN REIT will post 3.3 earnings per share for the current year.

Insider Transactions at NNN REIT

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was 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 directly owns 69,756 shares of the company’s stock, valued at $3,270,161.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On NNN REIT

Institutional investors have recently added to or reduced their stakes in the business. Cibc World Markets Corp acquired a new position in NNN REIT in the fourth quarter valued at $2,625,000. Sound Income Strategies LLC grew its position in NNN REIT by 96,000.0% during the first quarter. Sound Income Strategies LLC now owns 48,050 shares of the real estate investment trust’s stock valued at $2,054,000 after acquiring an additional 48,000 shares during the period. SG Americas Securities LLC grew its position in NNN REIT by 95.5% during the first quarter. SG Americas Securities LLC now owns 63,745 shares of the real estate investment trust’s stock valued at $2,724,000 after acquiring an additional 31,141 shares during the period. Steph & Co. purchased a new stake in NNN REIT during the first quarter valued at about $170,000. Finally, Raymond James Trust N.A. grew its position in NNN REIT by 19.6% during the second quarter. Raymond James Trust N.A. now owns 12,920 shares of the real estate investment trust’s stock valued at $550,000 after acquiring an additional 2,120 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.