Zacks Investment Research Upgrades National Retail Properties (NNN) to Buy
National Retail Properties (NYSE:NNN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $47.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.17% from the company’s current price.
According to Zacks, “National Retail Properties, a real estate investment trust, invests in single tenant net-leased retail properties throughout the United States. NNN maintains a conservatively managed, diversified real estate portfolio with properties subject to long-term, net leases with established tenants. Its 2,257 properties are located in 47 states with a total gross leasable area of approximately 25.0 million square feet. Current occupancy is 99.1% and these properties are leased to more than 400 tenants in 38 industry classifications. “
Several other equities research analysts have also weighed in on the company. Ladenburg Thalmann Financial Services raised National Retail Properties from a “neutral” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Monday, September 11th. FBR & Co reaffirmed a “buy” rating and issued a $52.00 target price on shares of National Retail Properties in a research report on Thursday, September 7th. Finally, BidaskClub raised National Retail Properties from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. National Retail Properties currently has a consensus rating of “Buy” and an average price target of $48.00.
National Retail Properties (NNN) opened at 41.90 on Wednesday. The company has a 50-day moving average of $41.98 and a 200-day moving average of $40.81. National Retail Properties has a 52-week low of $36.45 and a 52-week high of $48.03. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of 31.48 and a beta of 0.37.
National Retail Properties (NYSE:NNN) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.29). National Retail Properties had a return on equity of 8.22% and a net margin of 44.17%. The company had revenue of $145.55 million during the quarter, compared to analyst estimates of $142.83 million. During the same period in the prior year, the business earned $0.60 earnings per share. National Retail Properties’s quarterly revenue was up 11.2% on a year-over-year basis. Equities research analysts expect that National Retail Properties will post $1.45 EPS for the current year.
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In other National Retail Properties news, CFO Kevin B. Habicht sold 23,499 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $40.45, for a total value of $950,534.55. Following the sale, the chief financial officer now directly owns 146,386 shares of the company’s stock, valued at $5,921,313.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michelle Lynn Miller sold 2,000 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $40.28, for a total value of $80,560.00. Following the completion of the transaction, the executive vice president now directly owns 21,267 shares of the company’s stock, valued at approximately $856,634.76. The disclosure for this sale can be found here. Insiders sold 52,912 shares of company stock worth $2,164,138 over the last ninety days. 1.03% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its stake in shares of National Retail Properties by 278.6% in the first quarter. Tower Research Capital LLC TRC now owns 2,302 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 1,694 shares in the last quarter. IHT Wealth Management LLC grew its stake in shares of National Retail Properties by 1.0% in the first quarter. IHT Wealth Management LLC now owns 2,729 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 28 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of National Retail Properties by 82.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,606 shares of the real estate investment trust’s stock worth $141,000 after purchasing an additional 1,632 shares in the last quarter. BB&T Investment Services Inc. bought a new position in shares of National Retail Properties in the second quarter worth $212,000. Finally, Meridian Wealth Management LLC grew its stake in shares of National Retail Properties by 0.5% in the second quarter. Meridian Wealth Management LLC now owns 5,977 shares of the real estate investment trust’s stock worth $234,000 after purchasing an additional 27 shares in the last quarter. 89.37% of the stock is owned by institutional investors.
National Retail Properties Company Profile
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 primarily held for investment. As of December 31, 2016, it owned 2,535 properties with an aggregate gross leasable area of approximately 27,204,000 square feet, located in 48 states.
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