NNN REIT (NYSE:NNN) Price Target Cut to $42.00

NNN REIT (NYSE:NNN) had its price objective lowered by equities researchers at Royal Bank of Canada from $45.00 to $42.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s target price suggests a potential upside of 7.31% from the stock’s current price.

A number of other research analysts have also commented on NNN. B. Riley lowered their price objective on NNN REIT from $50.00 to $46.00 in a report on Tuesday, August 8th. StockNews.com assumed coverage on NNN REIT in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Wells Fargo & Company assumed coverage on NNN REIT in a report on Wednesday, September 20th. They issued an “equal weight” rating and a $40.00 target price for the company. Finally, Oppenheimer dropped their price target on NNN REIT from $54.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $46.00.

NNN REIT Stock Performance

Shares of NNN REIT stock opened at $39.14 on Thursday. The company has a market cap of $7.14 billion, a PE ratio of 18.38, a P/E/G ratio of 3.97 and a beta of 0.95. NNN REIT has a one year low of $34.38 and a one year high of $48.21. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13. The business has a 50-day simple moving average of $36.76 and a 200-day simple moving average of $40.44.

Institutional Investors Weigh In On NNN REIT

A number of hedge funds and other institutional investors have recently bought and sold shares of NNN. Mercer Global Advisors Inc. ADV boosted its position in NNN REIT by 5.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 4,843 shares of the real estate investment trust’s stock valued at $207,000 after buying an additional 261 shares during the period. Advisor Partners II LLC boosted its holdings in NNN REIT by 6.3% in the first quarter. Advisor Partners II LLC now owns 4,860 shares of the real estate investment trust’s stock worth $215,000 after purchasing an additional 288 shares during the last quarter. Handelsbanken Fonder AB raised its position in NNN REIT by 1.2% in the second quarter. Handelsbanken Fonder AB now owns 26,200 shares of the real estate investment trust’s stock worth $1,121,000 after acquiring an additional 300 shares during the period. First Republic Investment Management Inc. raised its position in shares of NNN REIT by 4.2% during the 4th quarter. First Republic Investment Management Inc. now owns 7,430 shares of the real estate investment trust’s stock valued at $340,000 after purchasing an additional 300 shares during the period. Finally, Utah Retirement Systems increased its holdings in NNN REIT by 1.0% in the 4th quarter. Utah Retirement Systems now owns 31,486 shares of the real estate investment trust’s stock valued at $1,441,000 after acquiring an additional 300 shares during the last quarter. Institutional investors own 88.39% 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 June 30, 2023, the company owned 3,479 properties in 49 states with a gross leasable area of approximately 35.5 million square feet and with a weighted average remaining lease term of 10.2 years.