NNN REIT (NYSE:NNN) Given New $49.00 Price Target at B. Riley

NNN REIT (NYSE:NNN) had its target price boosted by B. Riley from $42.50 to $49.00 in a research note issued to investors on Wednesday morning, Benzinga reports. B. Riley currently has a neutral rating on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada lifted 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. UBS Group raised their price objective 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. BNP Paribas upgraded shares of NNN REIT from an underperform rating to a neutral rating and set a $42.00 price objective for the company in a research note on Thursday, May 2nd. Wells Fargo & Company reduced their price objective on shares of NNN REIT from $43.00 to $42.00 and set an equal weight rating for the company in a research note on Thursday, May 30th. Finally, StockNews.com upgraded shares of NNN REIT from a hold rating to a buy 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’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $45.67.

NNN REIT Stock Performance

NNN REIT stock traded down $0.50 during midday trading on Wednesday, hitting $46.01. 535,283 shares of the company’s stock were exchanged, compared to its average volume of 1,219,848. NNN REIT has a 12-month low of $34.38 and a 12-month high of $47.19. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.52 and a current ratio of 1.72. The stock has a market cap of $8.44 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 3.63 and a beta of 1.07. The firm’s 50 day simple moving average is $43.57 and its 200 day simple moving average is $42.11.

NNN REIT (NYSE:NNN) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.24). NNN REIT had a return on equity of 9.70% and a net margin of 47.39%. The business had revenue of $216.81 million for the quarter, compared to analysts’ expectations of $212.30 million. During the same period in the previous year, the business posted $0.80 earnings per share. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts predict that NNN REIT will post 3.29 EPS for the current year.

NNN REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be paid a dividend of $0.58 per share. This is an increase from NNN REIT’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.32 annualized dividend and a dividend yield of 5.04%. NNN REIT’s dividend payout ratio is presently 106.42%.

Insider Activity at NNN REIT

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 69,756 shares of the company’s stock, valued at $3,270,161.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On NNN REIT

Several large investors have recently made changes to their positions in the business. Nicholas Hoffman & Company LLC. increased its position in shares of NNN REIT by 1.8% in the second quarter. Nicholas Hoffman & Company LLC. now owns 13,325 shares of the real estate investment trust’s stock worth $568,000 after acquiring an additional 240 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of NNN REIT by 19.6% in the second quarter. Raymond James Trust N.A. now owns 12,920 shares of the real estate investment trust’s stock worth $550,000 after acquiring an additional 2,120 shares in the last quarter. LRI Investments LLC grew its holdings in NNN REIT by 100.6% during the 2nd quarter. LRI Investments LLC now owns 1,613 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 809 shares in the last quarter. Sound Income Strategies LLC grew its holdings in NNN REIT by 451.3% during the 2nd quarter. Sound Income Strategies LLC now owns 264,905 shares of the real estate investment trust’s stock valued at $11,285,000 after purchasing an additional 216,855 shares in the last quarter. Finally, Bruce G. Allen Investments LLC grew its holdings in 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 purchasing an additional 1,047 shares in the last quarter. 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.