UBS Group Raises NNN REIT (NYSE:NNN) Price Target to $49.00

NNN REIT (NYSE:NNN) had its price objective raised by UBS Group from $48.00 to $49.00 in a research note released on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the real estate investment trust’s stock.

A number of other brokerages have also issued reports on NNN. B. Riley increased their price objective on NNN REIT from $42.50 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. StockNews.com raised NNN REIT from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Raymond James lifted their price objective on shares of NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Royal Bank of Canada upped their price objective on shares of NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 target price (up previously from $47.00) on shares of NNN REIT in a research note on Tuesday, October 1st. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $47.33.

NNN REIT Price Performance

Shares of NYSE NNN opened at $48.99 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.72. The firm has a market capitalization of $8.98 billion, a PE ratio of 22.47, a P/E/G ratio of 3.79 and a beta of 1.09. NNN REIT has a 1-year low of $34.61 and a 1-year high of $49.57. The business’s fifty day moving average price is $47.58 and its two-hundred day moving average price is $44.37.

NNN REIT (NYSE:NNN) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.58 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.24). The firm had revenue of $216.81 million for the quarter, compared to the consensus estimate of $212.30 million. NNN REIT had a return on equity of 9.70% and a net margin of 47.39%. The firm’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 EPS. On average, research analysts expect that NNN REIT will post 3.3 EPS for the current year.

NNN REIT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date of this dividend is Thursday, October 31st. NNN REIT’s payout ratio is 106.42%.

Insider Activity

In related news, EVP Michelle Lynn Miller sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $46.88, for a total transaction of $187,520.00. Following the completion of the sale, the executive vice president now directly owns 69,756 shares of the company’s stock, valued at $3,270,161.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On NNN REIT

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Steph & Co. acquired a new stake in NNN REIT during the 1st quarter worth about $170,000. Riverview Trust Co purchased a new stake in shares of NNN REIT in the 1st quarter valued at approximately $43,000. Sound Income Strategies LLC boosted its stake in NNN REIT by 96,000.0% in the 1st quarter. Sound Income Strategies LLC now owns 48,050 shares of the real estate investment trust’s stock worth $2,054,000 after purchasing an additional 48,000 shares during the period. DGS Capital Management LLC purchased a new position in NNN REIT during the 1st quarter worth approximately $212,000. Finally, SG Americas Securities LLC raised its stake in NNN REIT by 95.5% during the 1st quarter. SG Americas Securities LLC now owns 63,745 shares of the real estate investment trust’s stock valued at $2,724,000 after purchasing an additional 31,141 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

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.