Wells Fargo & Company Reiterates Equal Weight Rating for NNN REIT (NYSE:NNN)

NNN REIT (NYSE:NNN)‘s stock had its “equal weight” rating reaffirmed by equities researchers at Wells Fargo & Company in a note issued to investors on Tuesday, Benzinga reports. They presently have a $50.00 price target on the real estate investment trust’s stock, up from their previous price target of $47.00. Wells Fargo & Company‘s price objective would suggest a potential upside of 3.18% from the stock’s previous close.

Several other research firms also recently commented on NNN. Royal Bank of Canada boosted their target price on NNN REIT from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. B. Riley boosted their price target on NNN REIT from $42.50 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. StockNews.com upgraded NNN REIT from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Raymond James upped their price objective on NNN REIT from $47.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, August 21st. Finally, UBS Group upped their price objective on NNN REIT from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.83.

NNN REIT Price Performance

Shares of NNN REIT stock opened at $48.46 on Tuesday. 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 business’s 50 day simple moving average is $47.05 and its two-hundred day simple moving average is $43.87. The stock has a market capitalization of $8.89 billion, a P/E ratio of 22.23, a price-to-earnings-growth ratio of 3.84 and a beta of 1.09. NNN REIT has a one year low of $34.38 and a one year high of $49.10.

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

Insider Activity

In other news, EVP Michelle Lynn Miller sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $46.88, for a total transaction of $187,520.00. Following the transaction, the executive vice president now owns 69,756 shares of the company’s stock, valued at approximately $3,270,161.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On NNN REIT

A number of large investors have recently bought and sold shares of NNN. Sound Income Strategies LLC lifted its holdings in shares of NNN REIT by 451.3% in the 2nd quarter. Sound Income Strategies LLC now owns 264,905 shares of the real estate investment trust’s stock worth $11,285,000 after buying an additional 216,855 shares during the period. Cibc World Markets Corp purchased a new stake in shares of NNN REIT in the 4th quarter worth $2,625,000. SG Americas Securities LLC lifted its holdings in shares of NNN REIT by 95.5% in the 1st quarter. SG Americas Securities LLC now owns 63,745 shares of the real estate investment trust’s stock worth $2,724,000 after buying an additional 31,141 shares during the period. Strategic Advocates LLC purchased a new stake in shares of NNN REIT in the 1st quarter worth $329,000. Finally, DGS Capital Management LLC purchased a new stake in shares of NNN REIT in the 1st quarter worth $212,000. 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.