NNN REIT, Inc. (NYSE:NNN) Receives Average Recommendation of “Hold” from Brokerages

Shares of NNN REIT, Inc. (NYSE:NNN) have been assigned an average rating of “Hold” from the thirteen analysts that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $44.54.

A number of analysts have commented on NNN shares. Jefferies Financial Group downgraded shares of NNN REIT from a “buy” rating to a “hold” rating and dropped their price target for the stock from $52.00 to $43.00 in a research report on Thursday, January 2nd. Janney Montgomery Scott cut NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Wednesday, January 15th. Wells Fargo & Company upped their target price on NNN REIT from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Monday, March 10th. Barclays lifted their price target on NNN REIT from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Finally, Royal Bank of Canada cut their price objective on NNN REIT from $45.00 to $43.00 and set a “sector perform” rating for the company in a report on Wednesday, February 12th.

NNN REIT Price Performance

Shares of NYSE NNN opened at $42.05 on Friday. The stock has a market cap of $7.91 billion, a P/E ratio of 19.56, a P/E/G ratio of 2.06 and a beta of 1.10. The firm’s 50-day simple moving average is $41.02 and its 200 day simple moving average is $43.16. NNN REIT has a fifty-two week low of $37.55 and a fifty-two week high of $49.57. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 1.00.

NNN REIT Dividend Announcement

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 $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 5.52%. The ex-dividend date of this dividend was Friday, January 31st. NNN REIT’s dividend payout ratio (DPR) is currently 107.91%.

Institutional Investors Weigh In On NNN REIT

Several hedge funds have recently made changes to their positions in NNN. Goodman Financial Corp lifted its holdings in shares of NNN REIT by 1.2% in the third quarter. Goodman Financial Corp now owns 290,061 shares of the real estate investment trust’s stock valued at $14,065,000 after purchasing an additional 3,388 shares in the last quarter. DGS Capital Management LLC acquired a new stake in NNN REIT during the 3rd quarter worth about $236,000. Everence Capital Management Inc. purchased a new position in NNN REIT during the 4th quarter valued at about $206,000. Steph & Co. increased its holdings in shares of NNN REIT by 8.2% in the 4th quarter. Steph & Co. now owns 5,664 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 429 shares during the period. Finally, Red Spruce Capital LLC lifted its position in shares of NNN REIT by 16.9% in the fourth quarter. Red Spruce Capital LLC now owns 43,443 shares of the real estate investment trust’s stock worth $1,775,000 after purchasing an additional 6,289 shares in the last quarter. 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.