Evercore ISI Cuts NNN REIT (NYSE:NNN) Price Target to $44.00

NNN REIT (NYSE:NNN) had its target price lowered by equities researchers at Evercore ISI from $46.00 to $44.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s target price would indicate a potential upside of 9.62% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. UBS Group raised their target price on NNN REIT from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, August 15th. Weiss Ratings reissued a “hold (c)” rating on shares of NNN REIT in a research report on Wednesday, October 8th. B. Riley raised their price objective on shares of NNN REIT from $43.00 to $44.00 and gave the company a “neutral” rating in a research note on Monday, September 29th. Wells Fargo & Company dropped their price objective on shares of NNN REIT from $44.00 to $43.00 and set an “equal weight” rating for the company in a report on Wednesday, August 27th. Finally, Barclays cut their target price on shares of NNN REIT from $44.00 to $43.00 and set an “underweight” rating on the stock in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $44.10.

NNN REIT Stock Up 0.8%

NYSE:NNN opened at $40.14 on Wednesday. NNN REIT has a 52 week low of $35.80 and a 52 week high of $44.81. The stock’s fifty day moving average is $42.25 and its two-hundred day moving average is $42.16. The stock has a market capitalization of $7.58 billion, a price-to-earnings ratio of 19.15, a price-to-earnings-growth ratio of 3.91 and a beta of 0.95. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.06.

NNN REIT (NYSE:NNN) last issued its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. The business had revenue of $226.80 million during the quarter, compared to analysts’ expectations of $224.26 million. NNN REIT had a return on equity of 9.00% and a net margin of 43.90%.The company’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 earnings per share. Research analysts anticipate that NNN REIT will post 3.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NNN. Strengthening Families & Communities LLC increased its position in shares of NNN REIT by 279.4% in the 3rd quarter. Strengthening Families & Communities LLC now owns 7,285 shares of the real estate investment trust’s stock valued at $322,000 after purchasing an additional 5,365 shares during the last quarter. Transcend Capital Advisors LLC acquired a new position in shares of NNN REIT during the third quarter worth $221,000. Knights of Columbus Asset Advisors LLC purchased a new position in NNN REIT in the third quarter valued at $879,000. Amalgamated Bank increased its holdings in NNN REIT by 0.4% in the third quarter. Amalgamated Bank now owns 86,483 shares of the real estate investment trust’s stock valued at $3,682,000 after buying an additional 311 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in NNN REIT by 20.9% in the third quarter. Versant Capital Management Inc now owns 9,833 shares of the real estate investment trust’s stock valued at $419,000 after buying an additional 1,699 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.