Allstate Corp Raises Stake in NNN REIT, Inc. $NNN

Key Points

• Allstate Corp increased its holdings in NNN REIT by 159.5% during the 1st quarter, bringing its total to 25,510 shares worth $1,088,000.
• NNN REIT reported $0.85 EPS for the quarter, surpassing analysts' expectations of $0.84, with a revenue of $226.80 million.
• The company has recently boasted a quarterly dividend increase from $0.58 to $0.60, representing a yield of 5.7%.

Allstate Corp grew its position in shares of NNN REIT, Inc. (NYSE:NNN - Free Report) by 159.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,510 shares of the real estate investment trust's stock after acquiring an additional 15,678 shares during the quarter. Allstate Corp's holdings in NNN REIT were worth $1,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brooklyn Investment Group boosted its holdings in shares of NNN REIT by 140.8% in the 1st quarter. Brooklyn Investment Group now owns 802 shares of the real estate investment trust's stock worth $34,000 after buying an additional 469 shares during the last quarter. Putney Financial Group LLC bought a new stake in shares of NNN REIT during the fourth quarter valued at about $38,000. Inlight Wealth Management LLC bought a new stake in shares of NNN REIT during the first quarter valued at about $57,000. NBC Securities Inc. increased its position in shares of NNN REIT by 104,000.0% during the first quarter. NBC Securities Inc. now owns 2,082 shares of the real estate investment trust's stock valued at $88,000 after buying an additional 2,080 shares during the period. Finally, Strengthening Families & Communities LLC increased its position in shares of NNN REIT by 19.5% during the first quarter. Strengthening Families & Communities LLC now owns 2,283 shares of the real estate investment trust's stock valued at $97,000 after buying an additional 372 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NNN. Barclays cut NNN REIT from a "strong-buy" rating to a "strong sell" rating in a research report on Tuesday, July 22nd. UBS Group upped their price objective on shares of NNN REIT from $42.00 to $44.00 and gave the stock a "neutral" rating in a research report on Friday, August 15th. Wells Fargo & Company decreased their price objective on shares of NNN REIT from $44.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Finally, Evercore ISI upped their price objective on shares of NNN REIT from $43.00 to $44.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, NNN REIT presently has an average rating of "Reduce" and an average target price of $44.17.

NNN REIT Price Performance

NNN traded up $0.49 during midday trading on Wednesday, hitting $42.43. The stock had a trading volume of 1,222,595 shares, compared to its average volume of 1,463,586. The company has a market cap of $8.01 billion, a P/E ratio of 20.20, a price-to-earnings-growth ratio of 3.82 and a beta of 0.92. The business has a fifty day moving average of $42.55 and a 200 day moving average of $41.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.40 and a current ratio of 1.40. NNN REIT, Inc. has a 1 year low of $35.80 and a 1 year high of $49.57.

NNN REIT (NYSE:NNN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.01. The business had revenue of $226.80 million during the quarter, compared to analyst estimates of $224.26 million. NNN REIT had a return on equity of 9.00% and a net margin of 43.90%.NNN REIT's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.84 earnings per share. NNN REIT has set its FY 2025 guidance at 3.340-3.390 EPS. As a group, equities analysts forecast that NNN REIT, Inc. will post 3.33 earnings per share for the current fiscal year.

NNN REIT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a $0.60 dividend. This is an increase from NNN REIT's previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend was Thursday, July 31st. NNN REIT's payout ratio is currently 114.29%.

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.