Barclays Downgrades NNN REIT (NYSE:NNN) to Strong Sell

Barclays cut shares of NNN REIT (NYSE:NNN - Free Report) from a strong-buy rating to a strong sell rating in a research note published on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Evercore ISI boosted 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 objective on shares of NNN REIT from $43.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $44.38.

NNN REIT Stock Performance

Shares of NNN traded up $0.01 during mid-day trading on Tuesday, hitting $42.73. 1,159,629 shares of the company traded hands, compared to its average volume of 1,085,851. 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 50-day moving average price of $42.51 and a two-hundred day moving average price of $41.44. NNN REIT has a 1 year low of $35.80 and a 1 year high of $49.57. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 19.97, a P/E/G ratio of 4.01 and a beta of 0.92.

NNN REIT (NYSE:NNN - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.87 earnings per share for the quarter, beating 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 firm had revenue of $230.85 million during the quarter, compared to analysts' expectations of $219.68 million. During the same period in the previous year, the company earned $0.84 earnings per share. The firm's quarterly revenue was up 7.2% on a year-over-year basis. Equities analysts anticipate that NNN REIT will post 3.33 earnings per share for the current year.

NNN REIT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, July 31st. This represents a $2.40 annualized dividend and a yield of 5.62%. This is an increase from NNN REIT's previous quarterly dividend of $0.58. NNN REIT's payout ratio is currently 108.41%.

Hedge Funds Weigh In On NNN REIT

Several large investors have recently added to or reduced their stakes in NNN. Pinebridge Investments L.P. lifted its holdings in NNN REIT by 42.7% during 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 in the last quarter. Tudor Investment Corp ET AL purchased a new position in NNN REIT during the fourth quarter valued at approximately $593,000. Putney Financial Group LLC purchased a new position in NNN REIT in the 4th quarter worth approximately $38,000. Versant Capital Management Inc lifted its holdings in NNN REIT by 151.9% in the 1st quarter. Versant Capital Management Inc now owns 4,255 shares of the real estate investment trust's stock worth $181,000 after purchasing an additional 2,566 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in NNN REIT by 3,301.7% during the 1st quarter. GAMMA Investing LLC now owns 98,138 shares of the real estate investment trust's stock valued at $4,186,000 after buying an additional 95,253 shares in the last quarter. Hedge funds and other institutional investors 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.