NNN REIT (NYSE:NNN) Given “Equal Weight” Rating at Wells Fargo & Company

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

Other analysts also recently issued reports about the stock. B. Riley increased their price target on shares of NNN REIT from $42.50 to $49.00 and gave the company a neutral rating in a research report on Wednesday, August 7th. StockNews.com upgraded shares of NNN REIT from a hold rating to a buy rating in a report on Friday, August 2nd. Royal Bank of Canada boosted their price target 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 NNN REIT from $41.00 to $46.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Finally, Raymond James boosted their target price on NNN REIT from $47.00 to $48.00 and gave the company an outperform rating in a research note on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, NNN REIT presently has an average rating of Hold and a consensus target price of $46.83.

NNN REIT Stock Up 0.3 %

Shares of NYSE:NNN opened at $48.63 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.72. The stock has a market cap of $8.92 billion, a price-to-earnings ratio of 22.31, a P/E/G ratio of 3.84 and a beta of 1.09. The company has a 50 day moving average of $46.99 and a 200-day moving average of $43.84. NNN REIT has a one year low of $34.38 and a one year high of $49.10.

NNN REIT (NYSE:NNN) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.24). The business had revenue of $216.81 million for 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%. During the same quarter in the previous year, the firm posted $0.80 EPS. The business’s revenue was up 7.0% on a year-over-year basis. On average, sell-side analysts forecast that NNN REIT will post 3.3 earnings per share for the current year.

NNN REIT Increases Dividend

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

Insider Transactions at NNN REIT

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $46.88, for a total value 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 available at this hyperlink. 0.82% of the stock is owned by insiders.

Hedge Funds Weigh In On NNN REIT

A number of large investors have recently modified their holdings of the business. Pathway Financial Advisers LLC increased its position in shares of NNN REIT by 32.9% in the second quarter. Pathway Financial Advisers LLC now owns 5,709 shares of the real estate investment trust’s stock valued at $243,000 after acquiring an additional 1,414 shares during the last quarter. Amalgamated Bank increased its position in shares of 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 purchasing an additional 4,088 shares during the last quarter. Nicholas Hoffman & Company LLC. raised its stake in shares of 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 purchasing an additional 240 shares in the last quarter. Raymond James Trust N.A. raised its stake in shares of 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 purchasing an additional 2,120 shares in the last quarter. Finally, LRI Investments LLC boosted its holdings in shares of 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 buying an additional 809 shares during the last quarter. 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.