Royal Bank of Canada Cuts NNN REIT (NYSE:NNN) Price Target to $43.00

NNN REIT (NYSE:NNN) had its price target reduced by Royal Bank of Canada from $45.00 to $43.00 in a report published on Wednesday,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the stock. Evercore ISI assumed coverage on shares of NNN REIT in a research report on Friday, January 31st. They set an “inline” rating and a $42.00 target price for the company. Jefferies Financial Group cut shares of NNN REIT from a “buy” rating to a “hold” rating and dropped their price target for the company from $52.00 to $43.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft started coverage on shares of NNN REIT in a research note on Wednesday, December 11th. They issued a “hold” rating and a $46.00 target price on the stock. Morgan Stanley raised shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price target on the stock in a report on Wednesday, January 15th. Finally, Barclays decreased their price target on shares of NNN REIT from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, NNN REIT currently has an average rating of “Hold” and an average price target of $45.19.

NNN REIT Price Performance

Shares of NYSE NNN opened at $40.45 on Wednesday. The firm’s 50-day moving average price is $40.14 and its 200-day moving average price is $44.05. NNN REIT has a 1-year low of $37.55 and a 1-year high of $49.57. The firm has a market capitalization of $7.59 billion, a P/E ratio of 18.73, a P/E/G ratio of 1.94 and a beta of 1.11. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.00.

NNN REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 5.74%. The ex-dividend date was Friday, January 31st. NNN REIT’s dividend payout ratio (DPR) is 107.41%.

Insider Activity

In other NNN REIT news, EVP Michelle Lynn Miller sold 1,000 shares of NNN REIT stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.51, for a total transaction of $42,510.00. Following the completion of the sale, the executive vice president now directly owns 68,756 shares in the company, valued at approximately $2,922,817.56. The trade was a 1.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On NNN REIT

Several institutional investors and hedge funds have recently added to or reduced their stakes in NNN. Lindbrook Capital LLC boosted its position in shares of NNN REIT by 43.3% during the 4th quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 305 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in shares of NNN REIT during the fourth quarter worth approximately $42,000. Farther Finance Advisors LLC increased its stake in shares of NNN REIT by 14.1% during the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 280 shares during the period. EverSource Wealth Advisors LLC increased its stake in NNN REIT by 882.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,953 shares of the real estate investment trust’s stock valued at $202,000 after purchasing an additional 4,449 shares during the last quarter. Finally, Everence Capital Management Inc. acquired a new stake in shares of NNN REIT in the fourth quarter valued at approximately $206,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.