Wells Fargo & Company Reaffirms “Equal Weight” Rating for NNN REIT (NYSE:NNN)

Wells Fargo & Company reissued their equal weight rating on shares of NNN REIT (NYSE:NNN) in a research report report published on Tuesday morning, Benzinga reports. They currently have a $50.00 price target on the real estate investment trust’s stock, up from their previous price target of $47.00.

Other equities research analysts also recently issued reports about the company. B. Riley raised 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. UBS Group lifted their target price on shares of NNN REIT from $41.00 to $46.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Royal Bank of Canada increased their price target on shares of NNN REIT from $43.00 to $46.00 and gave the stock a sector perform rating in a research note on Friday, August 2nd. StockNews.com raised shares of NNN REIT from a hold rating to a buy rating in a research note on Friday, August 2nd. Finally, Raymond James increased their target price on shares of NNN REIT from $47.00 to $48.00 and gave the stock an outperform rating in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, NNN REIT presently has an average rating of Hold and a consensus target price of $46.83.

NNN REIT Stock Performance

NNN stock opened at $48.36 on Tuesday. The stock has a market cap of $8.87 billion, a P/E ratio of 22.18, a P/E/G ratio of 3.84 and a beta of 1.09. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.72 and a current ratio of 1.72. The firm has a 50 day simple moving average of $47.05 and a 200 day simple moving average of $43.87. NNN REIT has a 52 week low of $34.44 and a 52 week high of $49.10.

NNN REIT (NYSE:NNN) last posted 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 company had revenue of $216.81 million for the quarter, compared to analysts’ expectations of $212.30 million. NNN REIT had a net margin of 47.39% and a return on equity of 9.70%. The company’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 earnings per share. Research analysts anticipate that NNN REIT will post 3.3 earnings per share for the current fiscal year.

NNN REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.58 per share. This is an increase from NNN REIT’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 4.80%. The ex-dividend date was Wednesday, July 31st. NNN REIT’s dividend payout ratio is currently 106.42%.

Insider Buying and Selling

In other NNN REIT news, EVP Michelle Lynn Miller sold 4,000 shares of the company’s stock in a transaction dated 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 in the company, valued at $3,270,161.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. LRI Investments LLC acquired a new stake in shares of NNN REIT in the first quarter worth $34,000. Riverview Trust Co bought a new position in shares of NNN REIT during the 1st quarter worth about $43,000. Bruce G. Allen Investments LLC raised its position in shares of NNN REIT by 1,276.8% during the second quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $48,000 after buying an additional 1,047 shares during the last quarter. Versant Capital Management Inc bought a new stake in shares of NNN REIT in the second quarter valued at about $59,000. Finally, GAMMA Investing LLC grew its position in NNN REIT by 93.2% during the second quarter. GAMMA Investing LLC now owns 2,328 shares of the real estate investment trust’s stock worth $99,000 after buying an additional 1,123 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.