NNN REIT, Inc. (NYSE:NNN) Receives $44.38 Average Target Price from Analysts

Key Points

• Brokerages have given NNN REIT, Inc. a consensus recommendation of "Hold", with an average price target of $44.38.
• Institutional investors have shown increased interest in NNN REIT, with 89.96% of its stock now owned by institutions.
• NNN REIT has raised its quarterly dividend from $0.58 to $0.60 per share, resulting in a dividend yield of 5.62%.

NNN REIT, Inc. (NYSE:NNN - Get Free Report) has received an average rating of "Hold" from the fourteen ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $44.38.

A number of equities analysts recently issued reports on NNN shares. Evercore ISI upped their price target on shares of NNN REIT from $43.00 to $44.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Barclays downgraded NNN REIT from a "strong-buy" rating to a "strong sell" rating in a research note on Tuesday, July 22nd. Finally, UBS Group lowered their price target on NNN REIT from $43.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NNN. Sound Income Strategies LLC raised its stake in NNN REIT by 8.2% in the 2nd quarter. Sound Income Strategies LLC now owns 416,058 shares of the real estate investment trust's stock valued at $17,965,000 after purchasing an additional 31,505 shares during the last quarter. Goodman Financial Corp increased its position in NNN REIT by 3.3% during the first quarter. Goodman Financial Corp now owns 308,870 shares of the real estate investment trust's stock worth $13,173,000 after buying an additional 9,755 shares during the period. GAMMA Investing LLC increased its holdings in shares of NNN REIT by 3,301.7% in the first quarter. GAMMA Investing LLC now owns 98,138 shares of the real estate investment trust's stock valued at $4,186,000 after purchasing an additional 95,253 shares during the period. Pinebridge Investments L.P. increased its holdings in shares of NNN REIT by 42.7% in the fourth quarter. Pinebridge Investments L.P. now owns 49,642 shares of the real estate investment trust's stock valued at $2,028,000 after purchasing an additional 14,850 shares during the period. Finally, Red Spruce Capital LLC grew its holdings in NNN REIT by 0.7% during the second quarter. Red Spruce Capital LLC now owns 48,252 shares of the real estate investment trust's stock worth $2,084,000 after acquiring an additional 345 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

NNN REIT Price Performance

NNN REIT stock traded up $0.58 during mid-day trading on Friday, hitting $42.65. 1,255,552 shares of the company traded hands, compared to its average volume of 1,078,632. NNN REIT has a one year low of $35.80 and a one year high of $49.57. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 19.93, a price-to-earnings-growth ratio of 3.94 and a beta of 0.92. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.58 and a current ratio of 0.58. The stock has a fifty day moving average price of $42.53 and a 200-day moving average price of $41.49.

NNN REIT (NYSE:NNN - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.04. The business had revenue of $230.85 million for the quarter, compared to the consensus estimate of $219.68 million. NNN REIT had a net margin of 45.09% and a return on equity of 9.23%. The company's quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 EPS. On average, equities analysts predict that NNN REIT will post 3.33 earnings per share for the current fiscal year.

NNN REIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be issued a dividend of $0.60 per share. This is an increase from NNN REIT's previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.63%. NNN REIT's payout ratio is 108.41%.

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.