“We are reiterating our OUTPERFORM investment rating and price target of $100.”,” the firm’s analyst commented.
Several other equities analysts have also issued reports on NNN. Janney Montgomery Scott lowered National Retail Properties from a buy rating to a neutral rating in a research note on Monday, August 6th. Wells Fargo & Co set a $50.00 target price on National Retail Properties and gave the stock a buy rating in a research report on Tuesday, September 4th. LADENBURG THALM/SH SH set a $48.00 target price on National Retail Properties and gave the stock a buy rating in a research report on Wednesday, September 26th. ValuEngine raised National Retail Properties from a hold rating to a buy rating in a research report on Wednesday, October 24th. Finally, Zacks Investment Research lowered National Retail Properties from a hold rating to a sell rating in a research report on Thursday, November 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $48.00.
National Retail Properties (NYSE:NNN) last issued its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.20). National Retail Properties had a net margin of 53.44% and a return on equity of 9.91%. The business had revenue of $155.33 million during the quarter, compared to analyst estimates of $156.04 million. During the same period last year, the firm posted $0.65 earnings per share. National Retail Properties’s quarterly revenue was up 5.2% compared to the same quarter last year. Equities analysts predict that National Retail Properties will post 2.63 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend was Tuesday, October 30th. National Retail Properties’s payout ratio is 78.74%.
In related news, insider Christopher Paul Tessitore sold 10,000 shares of the stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $45.99, for a total value of $459,900.00. Following the completion of the sale, the insider now directly owns 108,686 shares of the company’s stock, valued at approximately $4,998,469.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephen A. Horn, Jr. sold 6,250 shares of the stock in a transaction on Friday, November 9th. The shares were sold at an average price of $49.15, for a total value of $307,187.50. Following the completion of the sale, the executive vice president now directly owns 88,183 shares of the company’s stock, valued at $4,334,194.45. The disclosure for this sale can be found here. Insiders have sold 26,109 shares of company stock worth $1,251,836 over the last ninety days. 0.78% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NNN. Victory Capital Management Inc. raised its position in National Retail Properties by 16.1% in the 3rd quarter. Victory Capital Management Inc. now owns 7,672,117 shares of the real estate investment trust’s stock valued at $343,864,000 after buying an additional 1,064,266 shares during the last quarter. BlackRock Inc. raised its position in National Retail Properties by 4.0% in the 2nd quarter. BlackRock Inc. now owns 21,558,636 shares of the real estate investment trust’s stock valued at $947,718,000 after buying an additional 832,861 shares during the last quarter. JPMorgan Chase & Co. raised its position in National Retail Properties by 12.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,694,518 shares of the real estate investment trust’s stock valued at $210,409,000 after buying an additional 509,019 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in National Retail Properties in the 3rd quarter valued at $22,571,000. Finally, Russell Investments Group Ltd. raised its position in National Retail Properties by 366.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 433,746 shares of the real estate investment trust’s stock valued at $19,071,000 after buying an additional 340,740 shares during the last quarter. 90.81% of the stock is owned by institutional investors and hedge funds.
About National Retail Properties
National Retail Properties invests primarily in high-quality retail properties subject generally to long term, net leases. As of September 30, 2018, the company owned 2,847 properties in 48 states with a gross leasable area of approximately 29.7 million square feet and with a weighted average remaining lease term of 11.4 years.
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