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

NNN REIT (NYSE:NNN) had its price objective dropped by equities research analysts at Royal Bank of Canada from $45.00 to $43.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target indicates a potential upside of 8.45% from the stock’s previous close.

A number of other brokerages also recently issued reports on NNN. B. Riley lowered their price target on NNN REIT from $49.00 to $46.50 and set a “buy” rating on the stock in a report on Wednesday, December 4th. StockNews.com downgraded shares of NNN REIT from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Colliers Securities downgraded shares of NNN REIT from a “buy” rating to a “neutral” rating in a research note on Friday, November 1st. UBS Group cut their target price on NNN REIT from $49.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, Morgan Stanley upgraded NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price objective for the company in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.19.

NNN REIT Stock Down 1.5 %

NNN stock traded down $0.59 on Wednesday, reaching $39.65. 905,186 shares of the company traded hands, compared to its average volume of 1,137,873. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.85 and a quick ratio of 2.85. The firm has a fifty day simple moving average of $40.30 and a 200-day simple moving average of $44.14. NNN REIT has a one year low of $37.55 and a one year high of $49.57. The company has a market cap of $7.44 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 1.94 and a beta of 1.11.

Insider Activity

In related news, EVP Michelle Lynn Miller sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.51, for a total transaction of $42,510.00. Following the completion of the transaction, the executive vice president now owns 68,756 shares in the company, valued at $2,922,817.56. The trade was a 1.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On NNN REIT

A number of hedge funds have recently made changes to their positions in NNN. Lindbrook Capital LLC grew its holdings in shares of NNN REIT by 43.3% during the fourth quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 305 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in NNN REIT during the 4th quarter valued at about $42,000. Farther Finance Advisors LLC raised its holdings in NNN REIT by 14.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,264 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 280 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in NNN REIT by 882.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 4,953 shares of the real estate investment trust’s stock valued at $202,000 after acquiring an additional 4,449 shares during the last quarter. Finally, Everence Capital Management Inc. acquired a new position in shares of NNN REIT during the 4th quarter worth approximately $206,000. Institutional investors and hedge funds 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.