Prudential Financial Inc. cut its stake in shares of National Retail Properties, Inc. (NYSE:NNN) by 3.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 157,403 shares of the real estate investment trust’s stock after selling 4,860 shares during the quarter. Prudential Financial Inc. owned about 0.10% of National Retail Properties worth $7,055,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. grew its stake in National Retail Properties by 6.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 665,470 shares of the real estate investment trust’s stock worth $29,254,000 after purchasing an additional 40,527 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in National Retail Properties in the second quarter worth about $2,895,000. First Trust Advisors LP grew its stake in National Retail Properties by 3.2% in the second quarter. First Trust Advisors LP now owns 263,016 shares of the real estate investment trust’s stock worth $11,562,000 after purchasing an additional 8,092 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in National Retail Properties by 13.1% in the second quarter. Frontier Capital Management Co. LLC now owns 615,387 shares of the real estate investment trust’s stock worth $27,052,000 after purchasing an additional 71,346 shares in the last quarter. Finally, KBC Group NV grew its stake in National Retail Properties by 28.4% in the second quarter. KBC Group NV now owns 22,103 shares of the real estate investment trust’s stock worth $972,000 after purchasing an additional 4,893 shares in the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.
A number of research firms recently commented on NNN. Stifel Nicolaus lifted their price target on National Retail Properties from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, September 21st. B. Riley raised their target price on shares of National Retail Properties from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, November 5th. Wells Fargo & Co set a $50.00 target price on shares of National Retail Properties and gave the stock a “buy” rating in a report on Tuesday, September 4th. ValuEngine raised shares of National Retail Properties from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Finally, LADENBURG THALM/SH SH set a $48.00 target price on shares of National Retail Properties and gave the stock a “buy” rating in a report on Wednesday, September 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $48.00.
Shares of NYSE NNN opened at $50.82 on Friday. 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, Inc. has a 52-week low of $36.25 and a 52-week high of $51.09. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 4.13 and a beta of 0.08.
National Retail Properties (NYSE:NNN) last issued its earnings results on Thursday, November 1st. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.20). National Retail Properties had a return on equity of 9.91% and a net margin of 53.44%. The business had revenue of $155.33 million during the quarter, compared to the consensus estimate of $156.04 million. During the same period in the prior year, the business earned $0.65 EPS. The business’s revenue was up 5.2% on a year-over-year basis. As a group, analysts anticipate that National Retail Properties, Inc. will post 2.65 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st were issued a $0.50 dividend. The ex-dividend date was Tuesday, October 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.94%. National Retail Properties’s dividend payout ratio is currently 78.74%.
In other news, EVP Stephen A. Horn, Jr. sold 6,250 shares of National Retail Properties stock in a transaction that occurred on Friday, November 9th. The stock was sold at an average price of $49.15, for a total transaction 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 filing with the SEC, which is accessible through this link. Also, insider Paul Eugene Bayer sold 5,000 shares of National Retail Properties stock in a transaction that occurred on Wednesday, November 14th. The shares were sold at an average price of $48.77, for a total value of $243,850.00. Following the sale, the insider now directly owns 132,130 shares in the company, valued at approximately $6,443,980.10. The disclosure for this sale can be found here. Insiders sold 16,109 shares of company stock worth $791,936 in the last three months. 1.03% of the stock is currently owned by corporate insiders.
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National Retail Properties Profile
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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