Morgan Stanley Increases National Retail Properties (NYSE:NNN) Price Target to $56.00

National Retail Properties (NYSE:NNN) had its price target lifted by Morgan Stanley from $54.00 to $56.00 in a report published on Tuesday, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the real estate investment trust’s stock.

NNN has been the topic of several other reports. ValuEngine downgraded National Retail Properties from a buy rating to a hold rating in a research report on Thursday, August 1st. Zacks Investment Research downgraded National Retail Properties from a buy rating to a hold rating in a research report on Tuesday, August 6th. Stifel Nicolaus raised their price target on National Retail Properties from $56.00 to $57.00 and gave the company a buy rating in a research report on Tuesday, August 20th. Wells Fargo & Co set a $62.00 price target on National Retail Properties and gave the company a buy rating in a research report on Tuesday, September 3rd. Finally, Raymond James set a $57.00 price target on National Retail Properties and gave the company a hold rating in a research report on Monday, May 20th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. National Retail Properties currently has a consensus rating of Hold and a consensus price target of $56.43.

Shares of NYSE:NNN opened at $55.72 on Tuesday. The company has a market cap of $8.92 billion, a P/E ratio of 20.35, a P/E/G ratio of 6.42 and a beta of 0.13. The stock’s 50-day moving average is $54.89 and its 200-day moving average is $53.74. National Retail Properties has a 52-week low of $42.97 and a 52-week high of $57.80. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.83 and a current ratio of 1.83.

National Retail Properties (NYSE:NNN) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.25). The business had revenue of $164.80 million during the quarter, compared to analyst estimates of $163.73 million. National Retail Properties had a net margin of 43.14% and a return on equity of 7.88%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.68 earnings per share. As a group, equities analysts predict that National Retail Properties will post 2.74 EPS for the current year.

In related news, EVP Michelle Lynn Miller sold 1,700 shares of National Retail Properties stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $55.44, for a total transaction of $94,248.00. Following the sale, the executive vice president now directly owns 39,454 shares of the company’s stock, valued at $2,187,329.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.70% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in National Retail Properties by 1.9% during the first quarter. BlackRock Inc. now owns 23,305,276 shares of the real estate investment trust’s stock worth $1,290,878,000 after buying an additional 423,636 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in National Retail Properties by 1.4% during the second quarter. JPMorgan Chase & Co. now owns 5,826,166 shares of the real estate investment trust’s stock valued at $308,321,000 after purchasing an additional 78,974 shares in the last quarter. FMR LLC boosted its holdings in National Retail Properties by 17.6% during the first quarter. FMR LLC now owns 3,882,238 shares of the real estate investment trust’s stock valued at $215,038,000 after purchasing an additional 581,343 shares in the last quarter. PGGM Investments boosted its holdings in National Retail Properties by 369.6% during the second quarter. PGGM Investments now owns 3,164,375 shares of the real estate investment trust’s stock valued at $167,744,000 after purchasing an additional 2,490,524 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in National Retail Properties by 7.6% during the second quarter. Northern Trust Corp now owns 2,217,110 shares of the real estate investment trust’s stock valued at $117,528,000 after purchasing an additional 156,714 shares in the last quarter. 90.25% of the stock is currently 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 March 31, 2019, the company owned 2,984 properties in 48 states with a gross leasable area of approximately 30.7 million square feet and with a weighted average remaining lease term of 11.4 years.

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Analyst Recommendations for National Retail Properties (NYSE:NNN)

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