NNN REIT (NYSE:NNN) Given New $44.00 Price Target at Citigroup

Key Points

• Citigroup lowered its price target on NNN REIT from $46 to $44 and maintained a neutral rating; the new target implies about 6.8% upside from the stock’s $41.20 price.
• Analyst sentiment is broadly cautious: MarketBeat reports a consensus “Hold” rating and an average price target of $46.50, with 10 analysts rating the stock Hold.
• NNN REIT beat quarterly estimates, reporting EPS of $0.57 versus $0.52 expected and revenue of $249.68 million versus $245.37 million expected.

NNN REIT (NYSE:NNN - Get Free Report) had its target price cut by investment analysts at Citigroup from $46.00 to $44.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. Citigroup's price target indicates a potential upside of 6.78% from the stock's current price.

Other equities research analysts also recently issued reports about the stock. Truist Financial began coverage on shares of NNN REIT in a research note on Thursday, October 1st. They set a "hold" rating and a $45.00 price objective for the company. Barclays cut their target price on NNN REIT from $47.00 to $43.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 20th. B. Riley Financial restated a "neutral" rating and issued a $47.50 target price (up from $46.00) on shares of NNN REIT in a research note on Wednesday, August 12th. Wells Fargo & Company reduced their target price on NNN REIT from $47.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, October 19th. Finally, Huntington began coverage on NNN REIT in a research report on Wednesday. They set a "strong-buy" rating for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $46.50.

NNN REIT Stock Down 0.6%

Shares of NNN traded down $0.26 during mid-day trading on Friday, hitting $41.20. 3,159,854 shares of the company traded hands, compared to its average volume of 1,802,162. NNN REIT has a 1-year low of $38.90 and a 1-year high of $50.00. The company has a quick ratio of 1.15, a current ratio of 0.58 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $7.91 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 5.66 and a beta of 0.77. The business has a 50 day moving average of $42.04 and a 200 day moving average of $44.25.

NNN REIT (NYSE:NNN - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $0.57 EPS for the quarter, beating the consensus estimate of $0.52 by $0.05. The firm had revenue of $249.68 million during the quarter, compared to analyst estimates of $245.37 million. NNN REIT had a net margin of 40.89% and a return on equity of 8.93%. Equities research analysts anticipate that NNN REIT will post 3.52 EPS for the current year.

Institutional Trading of NNN REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in NNN. Parkside Financial Bank & Trust increased its position in NNN REIT by 155.8% during the second quarter. Parkside Financial Bank & Trust now owns 550 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 335 shares during the last quarter. Clearstead Trust LLC purchased a new position in NNN REIT during the second quarter worth about $27,000. Covestor Ltd raised its stake in NNN REIT by 64.3% during the third quarter. Covestor Ltd now owns 800 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 313 shares during the period. Avalon Trust Co acquired a new position in NNN REIT in the 2nd quarter valued at about $38,000. Finally, Horizons Wealth Management acquired a new position in NNN REIT in the 3rd quarter valued at about $40,000. Institutional investors and hedge funds own 89.96% of the company's stock.

About NNN REIT

NNN REIT, Inc is a real estate investment trust that owns and manages a diversified portfolio of freestanding retail properties. The company primarily invests in properties that are leased to retail businesses under long-term, triple-net agreements, under which tenants generally pay property taxes, insurance and maintenance costs in addition to rent.

The company's properties are used by a range of businesses, including convenience stores, automotive service and parts retailers, restaurants, medical and dental services, drugstores, and other consumer-oriented tenants.

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