NNN REIT (NYSE:NNN) Stock Price Target Lowered at Citigroup

NNN REIT (NYSE:NNN) had its price objective dropped by research analysts at Citigroup from $46.00 to $44.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup‘s target price suggests a potential upside of 6.78% from the stock’s previous close.

NNN has been the subject of a number of other reports. Wells Fargo & Company cut their price objective on NNN REIT from $47.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 19th. Robert W. Baird set a $49.00 price objective on shares of NNN REIT in a report on Thursday, August 6th. Huntington initiated coverage on shares of NNN REIT in a research report on Wednesday. They issued a “strong-buy” rating on the stock. B. Riley Financial reaffirmed a “neutral” rating and issued a $47.50 target price (up from $46.00) on shares of NNN REIT in a research report on Wednesday, August 12th. Finally, Truist Financial began coverage on shares of NNN REIT in a research note on Thursday, October 1st. They set a “hold” rating and a $45.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $46.50.

NNN REIT Trading Down 0.6%

NNN stock traded down $0.26 during midday trading on Friday, hitting $41.20. 3,159,854 shares of the company’s stock were exchanged, compared to its average volume of 1,802,162. The business has a 50-day simple moving average of $42.04 and a two-hundred day simple moving average of $44.25. The company has a current ratio of 0.58, a quick ratio of 1.15 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $7.91 billion, a PE ratio of 19.62, a P/E/G ratio of 5.66 and a beta of 0.77. NNN REIT has a 1-year low of $38.90 and a 1-year high of $50.00.

NNN REIT (NYSE:NNN) last posted its earnings results on Wednesday, November 4th. The real estate investment trust reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. NNN REIT had a return on equity of 8.93% and a net margin of 40.89%. The company had revenue of $249.68 million for the quarter, compared to the consensus estimate of $245.37 million. On average, sell-side analysts predict that NNN REIT will post 3.52 EPS for the current fiscal year.

Institutional Investors Weigh In On NNN REIT

A number of institutional investors have recently modified their holdings of the company. Deutsche Bank AG purchased a new stake in shares of NNN REIT in the 2nd quarter valued at $19,961,000. Hsbc Holdings PLC boosted its holdings in NNN REIT by 33.2% during the 2nd quarter. Hsbc Holdings PLC now owns 689,173 shares of the real estate investment trust’s stock valued at $32,228,000 after acquiring an additional 171,669 shares during the period. Corient Private Wealth LP boosted its holdings in NNN REIT by 35.7% during the 2nd quarter. Corient Private Wealth LP now owns 434,654 shares of the real estate investment trust’s stock valued at $20,224,000 after acquiring an additional 114,265 shares during the period. Amundi boosted its holdings in NNN REIT by 106.7% during the 2nd quarter. Amundi now owns 227,185 shares of the real estate investment trust’s stock valued at $10,571,000 after acquiring an additional 117,285 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in NNN REIT in the 2nd quarter valued at about $85,430,000. 89.96% of the stock is owned by institutional investors and hedge funds.

NNN REIT Company Profile

NNN REIT, Inc is a real estate investment trust that owns and manages a diversified portfolio of freestanding retail properties. The company primarily invests in properties that are leased to retail businesses under long-term, triple-net agreements, under which tenants generally pay property taxes, insurance and maintenance costs in addition to rent.

The company’s properties are used by a range of businesses, including convenience stores, automotive service and parts retailers, restaurants, medical and dental services, drugstores, and other consumer-oriented tenants.