NNN REIT’s (NNN) Equal Weight Rating Reiterated at Wells Fargo & Company

Wells Fargo & Company reissued their equal weight rating on shares of NNN REIT (NYSE:NNN) in a research report sent to investors on Tuesday, Benzinga reports. Wells Fargo & Company currently has a $50.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $47.00.

NNN has been the subject of a number of other research reports. Royal Bank of Canada raised their target price on shares of NNN REIT from $43.00 to $46.00 and gave the stock a sector perform rating in a research note on Friday, August 2nd. B. Riley boosted their price objective on NNN REIT from $42.50 to $49.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. Raymond James increased their target price on NNN REIT from $47.00 to $48.00 and gave the stock an outperform rating in a research note on Wednesday, August 21st. UBS Group boosted their price target on NNN REIT from $41.00 to $46.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Finally, StockNews.com raised NNN REIT from a hold rating to a buy rating in a report 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. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $46.83.

NNN REIT Price Performance

Shares of NYSE NNN opened at $48.63 on Tuesday. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average price is $46.99 and its two-hundred day moving average price is $43.84. The company has a market cap of $8.92 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 3.84 and a beta of 1.09. NNN REIT has a twelve month low of $34.38 and a twelve month high of $49.10.

NNN REIT (NYSE:NNN) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $212.30 million. During the same period in the previous year, the firm posted $0.80 earnings per share. The firm’s revenue was up 7.0% compared to the same quarter last year. On average, analysts predict that NNN REIT will post 3.3 EPS for the current year.

NNN REIT Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.58 dividend. This is a boost from NNN REIT’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend was Wednesday, July 31st. NNN REIT’s payout ratio is 106.42%.

Insider Transactions at NNN REIT

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the 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 sale, the executive vice president now owns 69,756 shares in the company, valued at approximately $3,270,161.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NNN REIT

Several large investors have recently bought and sold shares of the company. Pathway Financial Advisers LLC grew its holdings in shares of NNN REIT by 32.9% during the second quarter. Pathway Financial Advisers LLC now owns 5,709 shares of the real estate investment trust’s stock worth $243,000 after purchasing an additional 1,414 shares during the last quarter. Amalgamated Bank boosted its position in NNN REIT by 4.1% during the 2nd quarter. Amalgamated Bank now owns 103,756 shares of the real estate investment trust’s stock worth $4,420,000 after buying an additional 4,088 shares during the period. Nicholas Hoffman & Company LLC. boosted its position in NNN REIT by 1.8% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 13,325 shares of the real estate investment trust’s stock worth $568,000 after buying an additional 240 shares during the period. Raymond James Trust N.A. grew its holdings in NNN REIT by 19.6% during the 2nd 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 during the last quarter. Finally, LRI Investments LLC increased its position in NNN REIT by 100.6% in the 2nd quarter. LRI Investments LLC now owns 1,613 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 809 shares during the period. 89.96% of the stock is currently owned by institutional investors.

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.