Royal Bank of Canada Has Lowered Expectations for NNN REIT (NYSE:NNN) Stock Price

NNN REIT (NYSE:NNN) had its price objective dropped by Royal Bank of Canada from $48.00 to $45.00 in a report released on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective points to a potential upside of 3.23% from the company’s previous close.

A number of other brokerages have also recently commented on NNN. StockNews.com cut shares of NNN REIT from a “buy” rating to a “hold” rating in a report on Monday. Raymond James increased their price target on shares of NNN REIT from $47.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 21st. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $50.00 price target (up from $47.00) on shares of NNN REIT in a report on Tuesday, October 1st. B. Riley lifted their price objective 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. Finally, UBS Group lifted their price objective on shares of NNN REIT from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $47.17.

NNN REIT Stock Up 0.3 %

Shares of NNN traded up $0.15 during midday trading on Friday, hitting $43.59. 388,569 shares of the company’s stock traded hands, compared to its average volume of 1,149,257. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 19.64, a price-to-earnings-growth ratio of 3.66 and a beta of 1.09. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 1.04. The firm’s fifty day moving average is $47.78 and its 200-day moving average is $44.69. NNN REIT has a 1 year low of $37.69 and a 1 year high of $49.57.

NNN REIT (NYSE:NNN) last released 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). The business had revenue of $216.81 million during the quarter, compared to analysts’ expectations of $212.30 million. NNN REIT had a return on equity of 9.70% and a net margin of 47.39%. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the business earned $0.80 earnings per share. As a group, sell-side analysts anticipate that NNN REIT will post 3.3 earnings per share for the current year.

Insider Buying and Selling

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of NNN REIT stock in a transaction 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 directly owns 69,756 shares of the company’s stock, valued at $3,270,161.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in NNN REIT in the 1st quarter valued at $34,000. Bruce G. Allen Investments LLC boosted its stake in NNN REIT by 1,276.8% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 1,047 shares during the period. Versant Capital Management Inc bought a new stake in shares of NNN REIT during the 2nd quarter valued at about $59,000. GAMMA Investing LLC boosted its position in shares of NNN REIT by 93.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,328 shares of the real estate investment trust’s stock valued at $99,000 after acquiring an additional 1,123 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of NNN REIT by 14.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 280 shares during 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.