Raymond James Boosts NNN REIT (NYSE:NNN) Price Target to $48.00

NNN REIT (NYSE:NNN) had its target price raised by Raymond James from $47.00 to $48.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

A number of other research firms have also recently commented on NNN. Wells Fargo & Company decreased their target price on shares of NNN REIT from $43.00 to $42.00 and set an equal weight rating on the stock in a research report on Thursday, May 30th. UBS Group increased their price objective on shares of NNN REIT from $41.00 to $46.00 and gave the stock a neutral rating in a research report on Thursday, July 18th. BNP Paribas raised NNN REIT from an underperform rating to a neutral rating and set a $42.00 target price on the stock in a research report on Thursday, May 2nd. B. Riley raised their price target on NNN REIT from $42.50 to $49.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. Finally, StockNews.com upgraded NNN REIT from a hold rating to a buy rating in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $45.50.

NNN REIT Stock Performance

NYSE:NNN opened at $46.62 on Wednesday. The company’s 50-day moving average is $44.41 and its two-hundred day moving average is $42.46. NNN REIT has a 1-year low of $34.38 and a 1-year high of $47.19. 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 capitalization of $8.55 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 3.63 and a beta of 1.07.

NNN REIT (NYSE:NNN) last released its quarterly earnings data 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). 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 analyst estimates of $212.30 million. During the same quarter in the prior year, the company posted $0.80 earnings per share. The company’s revenue was up 7.0% on a year-over-year basis. Analysts forecast that NNN REIT will post 3.29 EPS for the current year.

NNN REIT Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 4.98%. This is a boost from NNN REIT’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Wednesday, July 31st. NNN REIT’s payout ratio is presently 106.42%.

Insider Buying and Selling at NNN REIT

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was 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 directly owns 69,756 shares of the company’s stock, valued at $3,270,161.28. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NNN REIT

Several institutional investors have recently modified their holdings of NNN. Lindbrook Capital LLC raised its stake in 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 buying an additional 328 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of NNN REIT by 13.7% during the 4th quarter. Handelsbanken Fonder AB now owns 29,800 shares of the real estate investment trust’s stock worth $1,284,000 after acquiring an additional 3,600 shares in the last quarter. GAMMA Investing LLC purchased a new stake in NNN REIT during the fourth quarter worth approximately $39,000. Essex Financial Services Inc. boosted its holdings in NNN REIT by 9.3% in the fourth quarter. Essex Financial Services Inc. now owns 12,755 shares of the real estate investment trust’s stock valued at $550,000 after purchasing an additional 1,080 shares in the last quarter. Finally, First United Bank & Trust purchased a new position in NNN REIT in the fourth quarter valued at approximately $39,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.