Royal Bank of Canada Has Lowered Expectations for NNN REIT (NYSE:NNN) Stock Price

NNN REIT (NYSE:NNN) had its price target cut by Royal Bank of Canada from $45.00 to $43.00 in a research report released on Wednesday,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Other equities analysts have also issued research reports about the company. Janney Montgomery Scott lowered NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research note on Wednesday, January 15th. Robert W. Baird boosted their price objective on shares of NNN REIT from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Morgan Stanley raised shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 target price for the company in a research report on Wednesday, January 15th. Evercore ISI assumed coverage on shares of NNN REIT in a report on Friday, January 31st. They issued an “inline” rating and a $42.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on NNN REIT in a research report on Wednesday, December 11th. They set a “hold” rating and a $46.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $45.19.

NNN REIT Trading Down 1.5 %

Shares of NYSE:NNN opened at $39.63 on Wednesday. The company has a market capitalization of $7.43 billion, a PE ratio of 18.35, a P/E/G ratio of 1.94 and a beta of 1.11. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.00. NNN REIT has a 12-month low of $37.55 and a 12-month high of $49.57. The business’s fifty day simple moving average is $40.23 and its 200-day simple moving average is $44.11.

NNN REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.85%. The ex-dividend date of this dividend is Friday, January 31st. NNN REIT’s dividend payout ratio is presently 107.41%.

Insider Buying and Selling

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $42.51, for a total transaction of $42,510.00. Following the completion of the transaction, the executive vice president now directly owns 68,756 shares in the company, valued at $2,922,817.56. The trade was a 1.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On NNN REIT

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sound Income Strategies LLC boosted its stake in shares of NNN REIT by 9.6% in the fourth quarter. Sound Income Strategies LLC now owns 345,264 shares of the real estate investment trust’s stock worth $14,104,000 after buying an additional 30,146 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in NNN REIT in the 4th quarter worth approximately $206,000. SG Americas Securities LLC grew its stake in shares of NNN REIT by 3,469.0% during the 4th quarter. SG Americas Securities LLC now owns 91,294 shares of the real estate investment trust’s stock worth $3,729,000 after purchasing an additional 88,736 shares during the period. Kingswood Wealth Advisors LLC purchased a new position in shares of NNN REIT during the 4th quarter valued at approximately $527,000. Finally, Red Spruce Capital LLC increased its holdings in shares of NNN REIT by 16.9% during the 4th quarter. Red Spruce Capital LLC now owns 43,443 shares of the real estate investment trust’s stock valued at $1,775,000 after purchasing an additional 6,289 shares in the last quarter. 89.96% of the stock is 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.