Brokerages Set NNN REIT, Inc. (NYSE:NNN) Target Price at $44.38

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 been given an average rating of "Hold" by the fourteen ratings firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $44.38.

NNN has been the subject of a number of recent analyst reports. Evercore ISI upped their price target on NNN REIT from $43.00 to $44.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. UBS Group dropped their price target on NNN REIT from $43.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. Finally, Barclays cut shares of NNN REIT from a "strong-buy" rating to a "strong sell" rating in a report on Tuesday.

NNN REIT Stock Up 0.0%

Shares of NNN traded up $0.01 during trading hours on Friday, reaching $42.73. The company's stock had a trading volume of 1,159,629 shares, compared to its average volume of 1,085,851. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.03. The firm has a market cap of $8.03 billion, a price-to-earnings ratio of 19.97, a P/E/G ratio of 4.00 and a beta of 0.92. The company has a 50 day moving average of $42.51 and a two-hundred day moving average of $41.44. NNN REIT has a 1-year low of $35.80 and a 1-year high of $49.57.

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

NNN REIT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 5.62%. The ex-dividend date is Thursday, July 31st. This is a boost from NNN REIT's previous quarterly dividend of $0.58. NNN REIT's payout ratio is currently 112.15%.

Institutional Investors Weigh In On NNN REIT

A number of institutional investors have recently made changes to their positions in the business. Chung Wu Investment Group LLC purchased a new stake in NNN REIT in the second quarter worth $30,000. Sound Income Strategies LLC boosted its holdings in shares of NNN REIT by 8.2% in the second quarter. Sound Income Strategies LLC now owns 416,058 shares of the real estate investment trust's stock worth $17,965,000 after buying an additional 31,505 shares during the last quarter. GAMMA Investing LLC grew its position in shares of NNN REIT by 56.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,600 shares of the real estate investment trust's stock valued at $155,000 after acquiring an additional 1,299 shares during the period. Fiduciary Alliance LLC bought a new stake in shares of NNN REIT in the second quarter worth about $203,000. Finally, Adams Asset Advisors LLC boosted its stake in NNN REIT by 119.0% during the second quarter. Adams Asset Advisors LLC now owns 40,766 shares of the real estate investment trust's stock worth $1,760,000 after buying an additional 22,155 shares during the period. 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.