Allstate Corp Sells 4,339 Shares of NNN REIT, Inc. (NYSE:NNN)

Allstate Corp reduced its stake in NNN REIT, Inc. (NYSE:NNN) by 30.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,832 shares of the real estate investment trust’s stock after selling 4,339 shares during the period. Allstate Corp’s holdings in NNN REIT were worth $402,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Millstone Evans Group LLC bought a new stake in shares of NNN REIT during the 4th quarter valued at $42,000. Goodman Financial Corp lifted its position in NNN REIT by 3.1% during the fourth quarter. Goodman Financial Corp now owns 299,115 shares of the real estate investment trust’s stock worth $12,219,000 after purchasing an additional 9,054 shares during the period. Cibc World Markets Corp grew its stake in NNN REIT by 12.4% during the fourth quarter. Cibc World Markets Corp now owns 54,572 shares of the real estate investment trust’s stock worth $2,229,000 after buying an additional 6,035 shares in the last quarter. EverSource Wealth Advisors LLC increased 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 buying an additional 4,449 shares during the period. Finally, Lindbrook Capital LLC raised its position in shares of NNN REIT by 43.3% in the 4th quarter. Lindbrook Capital LLC now owns 1,010 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 305 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

Wall Street Analysts Forecast Growth

NNN has been the topic of a number of recent analyst reports. Jefferies Financial Group cut NNN REIT from a “buy” rating to a “hold” rating and decreased their target price for the company from $52.00 to $43.00 in a research report on Thursday, January 2nd. Morgan Stanley upgraded shares of NNN REIT from an “equal weight” rating to an “overweight” rating and set a $48.00 price objective for the company in a research report on Wednesday, January 15th. Evercore ISI began coverage on shares of NNN REIT in a research report on Friday, January 31st. They issued an “inline” rating and a $42.00 target price on the stock. Wells Fargo & Company boosted their target price on shares of NNN REIT from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Monday, March 10th. Finally, Janney Montgomery Scott downgraded NNN REIT from a “buy” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $44.54.

NNN REIT Stock Performance

Shares of NNN stock opened at $42.40 on Thursday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.55 and a quick ratio of 1.55. NNN REIT, Inc. has a one year low of $37.55 and a one year high of $49.57. The business’s 50 day simple moving average is $41.20 and its 200 day simple moving average is $42.95. The stock has a market capitalization of $7.97 billion, a PE ratio of 19.72, a PEG ratio of 2.06 and a beta of 1.10.

NNN REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 5.47%. The ex-dividend date was Friday, January 31st. NNN REIT’s dividend payout ratio (DPR) is presently 107.91%.

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.