Royal Bank of Canada Lowers NNN REIT (NYSE:NNN) Price Target to $45.00

NNN REIT (NYSE:NNN) had its target price cut by equities researchers at Royal Bank of Canada from $48.00 to $45.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 3.69% from the company’s current price.

NNN has been the subject of several other research reports. StockNews.com cut shares of NNN REIT from a “buy” rating to a “hold” rating in a report on Monday, October 28th. UBS Group raised their price objective on NNN REIT from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Raymond James lifted their target price on NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. B. Riley upped their target price on NNN REIT from $42.50 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $50.00 price target (up previously from $47.00) on shares of NNN REIT in a research report on Tuesday, October 1st. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $47.17.

NNN REIT Stock Performance

NYSE:NNN opened at $43.40 on Friday. NNN REIT has a 12 month low of $37.69 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.72. The firm has a market capitalization of $7.97 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 3.46 and a beta of 1.10. The business’s fifty day moving average price is $47.71 and its 200 day moving average price is $44.71.

NNN REIT (NYSE:NNN) last issued 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). The business had revenue of $216.81 million for the quarter, compared to analyst estimates of $212.30 million. NNN REIT had a return on equity of 9.47% and a net margin of 45.63%. NNN REIT’s revenue was up 7.0% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. On average, sell-side analysts anticipate that NNN REIT will post 3.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the business’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 transaction, the executive vice president now directly owns 69,756 shares in the company, valued at $3,270,161.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Nicholas Hoffman & Company LLC. grew its stake in shares of NNN REIT by 1.8% during the 2nd 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 during the period. Farther Finance Advisors LLC boosted its holdings in NNN REIT by 14.1% during the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 280 shares in the last quarter. GAMMA Investing LLC grew its position in NNN REIT by 23.8% during the third quarter. GAMMA Investing LLC now owns 2,881 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 553 shares during the period. LRI Investments LLC purchased a new position in NNN REIT in the first quarter valued at about $34,000. Finally, Bruce G. Allen Investments LLC lifted its position in shares of NNN REIT by 1,276.8% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 1,047 shares during the period. Institutional investors and hedge funds 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.