StockNews.com Downgrades NNN REIT (NYSE:NNN) to Hold

StockNews.com downgraded shares of NNN REIT (NYSE:NNN) from a buy rating to a hold rating in a research report report published on Monday.

A number of other research firms have also weighed in on NNN. Raymond James raised their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Wells Fargo & Company reiterated an “equal weight” rating and issued a $50.00 target price (up previously from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. B. Riley increased their target price on shares of NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. UBS Group increased their target price on shares of NNN REIT from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada increased their target price on shares of NNN REIT from $43.00 to $46.00 and gave the company a “sector perform” rating in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $47.33.

NNN REIT Stock Up 0.0 %

Shares of NYSE NNN opened at $46.60 on Monday. The firm has a market cap of $8.56 billion, a PE ratio of 20.99, a P/E/G ratio of 3.86 and a beta of 1.09. NNN REIT has a 12-month low of $34.61 and a 12-month high of $49.57. The company’s fifty day simple moving average is $47.82 and its 200 day simple moving average is $44.65. 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 released its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.24). NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. The business had revenue of $216.81 million during the quarter, compared to the consensus estimate of $212.30 million. During the same period last year, the business posted $0.80 earnings per share. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, sell-side analysts forecast that NNN REIT will post 3.3 earnings per share for the current fiscal year.

NNN REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.58 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.32 dividend on an annualized basis and a yield of 4.98%. NNN REIT’s dividend payout ratio (DPR) is presently 104.50%.

Insider Buying and Selling

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the completion of the sale, the executive vice president now owns 69,756 shares in the company, valued at approximately $3,270,161.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NNN REIT

Several large investors have recently modified their holdings of the business. Sound Income Strategies LLC increased its stake in shares of NNN REIT by 19.0% in the third quarter. Sound Income Strategies LLC now owns 315,118 shares of the real estate investment trust’s stock worth $15,280,000 after purchasing an additional 50,213 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of NNN REIT by 23.8% in the third quarter. GAMMA Investing LLC now owns 2,881 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 553 shares in the last quarter. Handelsbanken Fonder AB increased its stake in shares of NNN REIT by 40.7% in the third quarter. Handelsbanken Fonder AB now owns 52,200 shares of the real estate investment trust’s stock worth $2,531,000 after purchasing an additional 15,100 shares in the last quarter. Pathway Financial Advisers LLC increased its stake in shares of NNN REIT by 32.9% in the second quarter. Pathway Financial Advisers LLC now owns 5,709 shares of the real estate investment trust’s stock worth $243,000 after purchasing an additional 1,414 shares in the last quarter. Finally, Amalgamated Bank increased its stake 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 worth $4,420,000 after purchasing an additional 4,088 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.