Pendal Group Ltd Purchases New Holdings in National Retail Properties, Inc. (NNN)

Pendal Group Ltd purchased a new position in shares of National Retail Properties, Inc. (NYSE:NNN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 34,300 shares of the real estate investment trust’s stock, valued at approximately $1,537,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NNN. Principal Financial Group Inc. lifted its stake in National Retail Properties by 3.3% in the 1st quarter. Principal Financial Group Inc. now owns 671,423 shares of the real estate investment trust’s stock valued at $26,360,000 after purchasing an additional 21,390 shares during the last quarter. DnB Asset Management AS lifted its stake in National Retail Properties by 13.5% in the 2nd quarter. DnB Asset Management AS now owns 15,925 shares of the real estate investment trust’s stock valued at $700,000 after purchasing an additional 1,900 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in National Retail Properties by 8.8% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 63,302 shares of the real estate investment trust’s stock valued at $2,783,000 after purchasing an additional 5,115 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in National Retail Properties in the 2nd quarter valued at approximately $308,000. Finally, Fox Run Management L.L.C. bought a new position in National Retail Properties in the 2nd quarter valued at approximately $887,000. Institutional investors and hedge funds own 91.02% of the company’s stock.

In related news, insider Christopher Paul Tessitore sold 10,000 shares of National Retail Properties stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $45.99, for a total transaction of $459,900.00. Following the completion of the transaction, the insider now owns 108,686 shares of the company’s stock, valued at $4,998,469.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Julian E. Whitehurst sold 26,130 shares of National Retail Properties stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $46.06, for a total transaction of $1,203,547.80. Following the transaction, the chief executive officer now directly owns 329,403 shares of the company’s stock, valued at approximately $15,172,302.18. The disclosure for this sale can be found here. Insiders have sold 52,935 shares of company stock valued at $2,431,940 in the last ninety days. Insiders own 1.03% of the company’s stock.

Several brokerages recently commented on NNN. Zacks Investment Research downgraded shares of National Retail Properties from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Citigroup raised their price target on shares of National Retail Properties from $41.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday, August 2nd. B. Riley raised their price target on shares of National Retail Properties from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $46.00 price target on shares of National Retail Properties in a research note on Wednesday, August 1st. Finally, Janney Montgomery Scott downgraded shares of National Retail Properties from a “buy” rating to a “neutral” rating in a research note on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $48.00.

NNN stock opened at $49.15 on Friday. The firm has a market cap of $7.80 billion, a PE ratio of 18.49, a price-to-earnings-growth ratio of 3.96 and a beta of 0.03. National Retail Properties, Inc. has a 52-week low of $36.25 and a 52-week high of $49.28. The company has a quick ratio of 18.01, a current ratio of 18.01 and a debt-to-equity ratio of 0.91.

National Retail Properties (NYSE:NNN) last released 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). The business had revenue of $155.33 million for the quarter, compared to the consensus estimate of $156.04 million. National Retail Properties had a net margin of 53.44% and a return on equity of 9.91%. National Retail Properties’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.65 EPS. On average, research analysts predict that National Retail Properties, Inc. will post 2.64 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Tuesday, October 30th. National Retail Properties’s payout ratio is currently 78.74%.

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About National Retail Properties

National Retail Properties invests primarily in high-quality retail properties subject generally to long term, net leases. As of June 30, 2018, the company owned 2,846 properties in 48 states with a gross leasable area of approximately 29.4 million square feet and with a weighted average remaining lease term of 11.5 years.

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Institutional Ownership by Quarter for National Retail Properties (NYSE:NNN)

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