Barclays Lowers NNN REIT (NYSE:NNN) Price Target to $46.00

NNN REIT (NYSE:NNN) had its target price cut by research analysts at Barclays from $47.00 to $46.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s price objective indicates a potential upside of 12.17% from the company’s previous close.

A number of other analysts have also weighed in on NNN. Royal Bank of Canada dropped their price objective on NNN REIT from $45.00 to $43.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 12th. Evercore ISI started coverage on NNN REIT in a research note on Friday, January 31st. They set an “inline” rating and a $42.00 price objective for the company. UBS Group dropped their price objective on NNN REIT from $44.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company increased their price objective on NNN REIT from $41.00 to $44.00 and gave the company an “equal weight” rating in a research note on Monday, March 10th. Finally, B. Riley reissued a “neutral” rating and set a $43.00 price objective (down previously from $46.50) on shares of NNN REIT in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. According to MarketBeat, NNN REIT currently has an average rating of “Hold” and a consensus target price of $44.46.

NNN REIT Stock Performance

Shares of NNN opened at $41.01 on Wednesday. The stock’s 50-day simple moving average is $41.12 and its 200 day simple moving average is $41.25. The stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of 19.07, a price-to-earnings-growth ratio of 2.06 and a beta of 0.92. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.55 and a current ratio of 1.55. NNN REIT has a 52-week low of $35.80 and a 52-week high of $49.57.

NNN REIT (NYSE:NNN) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.04. NNN REIT had a return on equity of 9.28% and a net margin of 45.65%. The firm had revenue of $230.85 million for the quarter, compared to analysts’ expectations of $219.68 million. During the same quarter last year, the firm posted $0.84 EPS. The company’s revenue was up 7.2% compared to the same quarter last year. Research analysts forecast that NNN REIT will post 3.33 EPS for the current fiscal year.

Institutional Trading of NNN REIT

Several hedge funds and other institutional investors have recently bought and sold shares of NNN. GAMMA Investing LLC grew its holdings in NNN REIT by 3,301.7% during the first quarter. GAMMA Investing LLC now owns 98,138 shares of the real estate investment trust’s stock worth $4,186,000 after acquiring an additional 95,253 shares during the period. SG Americas Securities LLC grew its holdings in NNN REIT by 3,469.0% in the fourth quarter. SG Americas Securities LLC now owns 91,294 shares of the real estate investment trust’s stock valued at $3,729,000 after purchasing an additional 88,736 shares during the period. Sound Income Strategies LLC grew its holdings in NNN REIT by 11.4% in the first quarter. Sound Income Strategies LLC now owns 384,553 shares of the real estate investment trust’s stock valued at $16,401,000 after purchasing an additional 39,289 shares during the period. Allstate Corp grew its holdings in NNN REIT by 159.5% in the first quarter. Allstate Corp now owns 25,510 shares of the real estate investment trust’s stock valued at $1,088,000 after purchasing an additional 15,678 shares during the period. Finally, Pinebridge Investments L.P. grew its holdings in NNN REIT by 42.7% in the fourth quarter. Pinebridge Investments L.P. now owns 49,642 shares of the real estate investment trust’s stock valued at $2,028,000 after purchasing an additional 14,850 shares during the period. 89.96% of the stock is 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.