NNN REIT, Inc. $NNN Shares Bought by Allstate Corp

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

A number of other hedge funds have also added to or reduced their stakes in NNN. Sound Income Strategies LLC increased its stake in shares of NNN REIT by 11.4% in the 1st quarter. Sound Income Strategies LLC now owns 384,553 shares of the real estate investment trust's stock worth $16,401,000 after purchasing an additional 39,289 shares in the last quarter. Goodman Financial Corp increased its stake in shares of NNN REIT by 3.3% in the 1st quarter. Goodman Financial Corp now owns 308,870 shares of the real estate investment trust's stock worth $13,173,000 after purchasing an additional 9,755 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of NNN REIT by 3,301.7% in the 1st quarter. GAMMA Investing LLC now owns 98,138 shares of the real estate investment trust's stock worth $4,186,000 after purchasing an additional 95,253 shares in the last quarter. Pinebridge Investments L.P. increased its stake in shares of NNN REIT by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 49,642 shares of the real estate investment trust's stock worth $2,028,000 after purchasing an additional 14,850 shares in the last quarter. Finally, Red Spruce Capital LLC increased its stake in shares of NNN REIT by 10.3% in the 1st quarter. Red Spruce Capital LLC now owns 47,907 shares of the real estate investment trust's stock worth $2,043,000 after purchasing an additional 4,464 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NNN shares. UBS Group increased their price target on NNN REIT from $42.00 to $44.00 and gave the stock a "neutral" rating in a research note on Friday, August 15th. Wells Fargo & Company cut their price target on NNN REIT from $44.00 to $43.00 and set an "equal weight" rating for the company in a research note on Wednesday. Evercore ISI increased their price target on NNN REIT from $43.00 to $44.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Barclays lowered NNN REIT from a "strong-buy" rating to a "strong sell" rating in a research note on Tuesday, July 22nd. One analyst has rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, NNN REIT presently has an average rating of "Reduce" and an average target price of $44.17.

NNN REIT Trading Up 1.8%

Shares of NYSE:NNN traded up $0.75 during trading on Friday, reaching $42.93. The company's stock had a trading volume of 1,307,039 shares, compared to its average volume of 1,386,853. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $8.10 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 3.90 and a beta of 0.92. NNN REIT, Inc. has a 12 month low of $35.80 and a 12 month high of $49.57. The firm's 50 day simple moving average is $42.54 and its two-hundred day simple moving average is $41.87.

NNN REIT (NYSE:NNN - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate of $224.26 million. NNN REIT had a net margin of 43.90% and a return on equity of 9.00%. The firm's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.84 earnings per share. NNN REIT has set its FY 2025 guidance at 3.340-3.390 EPS. On average, research analysts predict that NNN REIT, Inc. will post 3.33 EPS for the current fiscal year.

NNN REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from NNN REIT's previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a yield of 5.6%. NNN REIT's dividend payout ratio is 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.