Royal Bank of Canada Cuts NNN REIT (NYSE:NNN) Price Target to $43.00

NNN REIT (NYSE:NNN) had its price objective decreased by Royal Bank of Canada from $45.00 to $43.00 in a report published on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the real estate investment trust’s stock.

Several other research firms have also weighed in on NNN. Morgan Stanley raised NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price objective on the stock in a research note on Wednesday, January 15th. UBS Group dropped their price objective on NNN REIT from $49.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Barclays lowered their price target on NNN REIT from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Janney Montgomery Scott downgraded NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Wednesday, January 15th. Finally, Jefferies Financial Group downgraded NNN REIT from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $52.00 to $43.00 in a research note on Thursday, January 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $45.19.

NNN REIT Trading Down 0.9 %

NNN REIT stock opened at $40.45 on Wednesday. The stock has a 50-day moving average price of $40.14 and a 200 day moving average price of $44.05. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.00. NNN REIT has a 52 week low of $37.55 and a 52 week high of $49.57. The stock has a market cap of $7.59 billion, a PE ratio of 18.73, a P/E/G ratio of 1.94 and a beta of 1.11.

NNN REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 5.74%. NNN REIT’s payout ratio is currently 107.41%.

Insider Activity at NNN REIT

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.51, for a total transaction of $42,510.00. Following the sale, the executive vice president now owns 68,756 shares in the company, valued at approximately $2,922,817.56. This represents a 1.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NNN REIT

A number of large investors have recently made changes to their positions in the company. Farther Finance Advisors LLC grew its position in NNN REIT by 14.1% during the third quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 280 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in NNN REIT by 17.8% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 188,369 shares of the real estate investment trust’s stock worth $9,134,000 after purchasing an additional 28,476 shares during the last quarter. Strengthening Families & Communities LLC raised its position in NNN REIT by 7.1% during the 3rd quarter. Strengthening Families & Communities LLC now owns 63,238 shares of the real estate investment trust’s stock worth $3,066,000 after purchasing an additional 4,170 shares during the last quarter. Goodman Financial Corp raised its position in shares of NNN REIT by 1.2% in the 3rd quarter. Goodman Financial Corp now owns 290,061 shares of the real estate investment trust’s stock worth $14,065,000 after acquiring an additional 3,388 shares in the last quarter. Finally, DGS Capital Management LLC acquired a new stake in shares of NNN REIT in the 3rd quarter valued at about $236,000. 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.