Royal Bank of Canada Raises NNN REIT (NYSE:NNN) Price Target to $46.00

NNN REIT (NYSE:NNN) had its price objective upped by Royal Bank of Canada from $43.00 to $46.00 in a report published on Friday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Several other equities analysts have also recently commented on the stock. BNP Paribas upgraded shares of NNN REIT from an underperform rating to a neutral rating and set a $42.00 target price for the company in a research note on Thursday, May 2nd. UBS Group increased their target price on shares of NNN REIT from $41.00 to $46.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Wells Fargo & Company cut their price target on NNN REIT from $43.00 to $42.00 and set an equal weight rating for the company in a report on Thursday, May 30th. Finally, StockNews.com raised NNN REIT from a hold rating to a buy rating in a report on Friday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $45.17.

NNN REIT Stock Performance

Shares of NYSE NNN traded down $0.33 during midday trading on Friday, hitting $46.24. 2,219,767 shares of the company’s stock were exchanged, compared to its average volume of 1,211,417. The stock’s 50 day moving average price is $43.23 and its 200-day moving average price is $42.02. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 0.52. The firm has a market cap of $8.48 billion, a P/E ratio of 20.79, a PEG ratio of 3.63 and a beta of 1.07. NNN REIT has a twelve month low of $34.38 and a twelve month high of $46.93.

NNN REIT (NYSE:NNN) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 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 the consensus estimate of $212.30 million. NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 EPS. Equities research analysts anticipate that NNN REIT will post 3.29 EPS for the current year.

NNN REIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a $0.58 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.02%. This is a boost from NNN REIT’s previous quarterly dividend of $0.57. NNN REIT’s payout ratio is 106.42%.

Institutional Trading of NNN REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in NNN. Harbour Trust & Investment Management Co acquired a new stake in NNN REIT in the 4th quarter valued at about $1,634,000. Lindbrook Capital LLC increased its holdings in shares of NNN REIT by 77.0% in the fourth quarter. Lindbrook Capital LLC now owns 754 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 328 shares in the last quarter. Handelsbanken Fonder AB raised its position in NNN REIT by 13.7% in the 4th quarter. Handelsbanken Fonder AB now owns 29,800 shares of the real estate investment trust’s stock worth $1,284,000 after purchasing an additional 3,600 shares during the last quarter. GAMMA Investing LLC bought a new position in NNN REIT in the 4th quarter valued at $39,000. Finally, Essex Financial Services Inc. increased its stake in shares of NNN REIT by 9.3% in the 4th quarter. Essex Financial Services Inc. now owns 12,755 shares of the real estate investment trust’s stock valued at $550,000 after buying an additional 1,080 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.