National Retail Properties (NNN) Shares Gap Up to $49.23
National Retail Properties (NYSE:NNN) shares gapped up prior to trading on Tuesday . The stock had previously closed at $49.03, but opened at $49.23. National Retail Properties shares last traded at $49.65, with a volume of 410,993 shares.
NNN has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of National Retail Properties from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Friday, July 15th. Stifel Nicolaus raised their target price on shares of National Retail Properties from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, July 11th. Wunderlich raised their target price on shares of National Retail Properties from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. BTIG Research initiated coverage on shares of National Retail Properties in a report on Thursday, August 25th. They issued a “neutral” rating on the stock. Finally, Citigroup Inc. raised their target price on shares of National Retail Properties from $40.00 to $51.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $50.65.
The company’s 50-day moving average is $50.50 and its 200 day moving average is $48.13. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of 37.72 and a beta of 0.35.
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National Retail Properties (NYSE:NNN) last issued its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The business had revenue of $130.92 million for the quarter, compared to analysts’ expectations of $129.73 million. National Retail Properties had a return on equity of 7.88% and a net margin of 43.41%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 EPS. On average, equities research analysts forecast that National Retail Properties will post $2.35 EPS for the current fiscal year.
In related news, insider Paul Eugene Bayer sold 10,000 shares of the stock in a transaction on Wednesday, June 29th. The stock was sold at an average price of $51.10, for a total transaction of $511,000.00. Following the sale, the insider now owns 171,641 shares in the company, valued at approximately $8,770,855.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Craig Macnab sold 15,832 shares of the stock in a transaction on Friday, June 24th. The shares were sold at an average price of $48.40, for a total value of $766,268.80. Following the sale, the chief executive officer now owns 510,000 shares in the company, valued at approximately $24,684,000. The disclosure for this sale can be found here. Corporate insiders own 1.25% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in National Retail Properties by 7.7% in the first quarter. Geode Capital Management LLC now owns 860,585 shares of the real estate investment trust’s stock valued at $39,759,000 after buying an additional 61,378 shares during the last quarter. National Planning Corp bought a new stake in National Retail Properties during the first quarter valued at $209,000. Rafferty Asset Management LLC raised its stake in National Retail Properties by 56.9% in the first quarter. Rafferty Asset Management LLC now owns 18,619 shares of the real estate investment trust’s stock valued at $860,000 after buying an additional 6,750 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in National Retail Properties by 28.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 210,365 shares of the real estate investment trust’s stock valued at $10,880,000 after buying an additional 46,745 shares during the last quarter. Finally, Lasalle Investment Management Securities LLC raised its stake in National Retail Properties by 34.5% in the second quarter. Lasalle Investment Management Securities LLC now owns 24,463 shares of the real estate investment trust’s stock valued at $1,265,000 after buying an additional 6,279 shares during the last quarter. Institutional investors own 94.64% of the company’s stock.
About National Retail Properties
National Retail Properties, Inc is a real estate investment trust (REIT). The Company acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are held for investment. The Company owns over 2,050 Properties with a gross leasable area of approximately 24,964,000 square feet, located in approximately 50 states.
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