Fmr LLC Sells 429,177 Shares of National Retail Properties, Inc. (NNN)

Fmr LLC cut its holdings in National Retail Properties, Inc. (NYSE:NNN) by 10.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,847,469 shares of the real estate investment trust’s stock after selling 429,177 shares during the period. Fmr LLC owned approximately 2.42% of National Retail Properties worth $172,442,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of NNN. Teachers Insurance & Annuity Association of America raised its position in shares of National Retail Properties by 1.2% during the third quarter. Teachers Insurance & Annuity Association of America now owns 199,932 shares of the real estate investment trust’s stock valued at $8,961,000 after buying an additional 2,367 shares during the last quarter. American International Group Inc. raised its position in shares of National Retail Properties by 3.0% during the third quarter. American International Group Inc. now owns 319,059 shares of the real estate investment trust’s stock valued at $14,300,000 after buying an additional 9,431 shares during the last quarter. BlackRock Inc. raised its position in shares of National Retail Properties by 0.7% during the third quarter. BlackRock Inc. now owns 21,699,913 shares of the real estate investment trust’s stock valued at $972,590,000 after buying an additional 141,277 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of National Retail Properties by 20.1% during the third quarter. PNC Financial Services Group Inc. now owns 12,215 shares of the real estate investment trust’s stock valued at $548,000 after buying an additional 2,044 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of National Retail Properties by 0.4% during the third quarter. Bank of New York Mellon Corp now owns 1,957,023 shares of the real estate investment trust’s stock valued at $87,714,000 after buying an additional 8,682 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.

A number of brokerages have recently commented on NNN. Zacks Investment Research lowered shares of National Retail Properties from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Stifel Nicolaus reaffirmed a “buy” rating on shares of National Retail Properties in a research report on Monday, December 3rd. LADENBURG THALM/SH SH set a $48.00 price objective on shares of National Retail Properties and gave the company a “buy” rating in a research report on Wednesday, September 26th. B. Riley upped their price objective on shares of National Retail Properties from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, November 5th. Finally, Wells Fargo & Co set a $50.00 price objective on shares of National Retail Properties and gave the company a “buy” rating in a research report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $48.00.

In related news, EVP Stephen A. Horn, Jr. sold 6,250 shares of the company’s stock in a transaction dated Friday, November 9th. The shares were sold at an average price of $49.15, for a total value of $307,187.50. Following the sale, the executive vice president now owns 88,183 shares of the company’s stock, valued at $4,334,194.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Eugene Bayer sold 4,509 shares of the company’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $49.58, for a total transaction of $223,556.22. Following the completion of the sale, the insider now directly owns 127,621 shares in the company, valued at approximately $6,327,449.18. The disclosure for this sale can be found here. In the last three months, insiders sold 16,109 shares of company stock worth $791,936. 1.03% of the stock is currently owned by insiders.

NYSE NNN opened at $50.82 on Friday. The stock has a market capitalization of $7.90 billion, a P/E ratio of 20.01, a price-to-earnings-growth ratio of 4.00 and a beta of 0.08. National Retail Properties, Inc. has a twelve month low of $36.25 and a twelve month high of $51.09. The company has a current ratio of 18.01, a quick ratio of 18.01 and a debt-to-equity ratio of 0.91.

National Retail Properties (NYSE:NNN) last posted its earnings results on Thursday, November 1st. The real estate investment trust reported $0.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.20). The business had revenue of $155.33 million during 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%. The business’s revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.65 EPS. As a group, research analysts anticipate that National Retail Properties, Inc. will post 2.65 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Wednesday, October 31st were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.94%. 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 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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Institutional Ownership by Quarter for National Retail Properties (NYSE:NNN)

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