National Retail Properties (NNN) Rating Reiterated by FBR & Co
National Retail Properties (NYSE:NNN)‘s stock had its “buy” rating reaffirmed by equities researchers at FBR & Co in a report issued on Thursday. They currently have a $52.00 price target on the real estate investment trust’s stock. FBR & Co’s price objective would suggest a potential upside of 21.89% from the stock’s current price.
The analysts wrote, “NNN priced an underwritten public offering of $400 million of 3.5% senior notes due 2027. The company intends to use the net proceeds to repay all of the outstanding indebtedness under its credit facility, with the remainder going towards property acquisitions and other general purposes. We assume the company will use the proceeds partially to pay down its line of credit as well as pay off its 6.875% unsecured notes in October 2017.””
A number of other equities analysts have also weighed in on the stock. BidaskClub raised shares of National Retail Properties from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Zacks Investment Research lowered shares of National Retail Properties from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. National Retail Properties has a consensus rating of “Hold” and an average target price of $45.67.
Shares of National Retail Properties (NNN) opened at 42.66 on Thursday. The firm has a market cap of $6.37 billion, a P/E ratio of 32.05 and a beta of 0.36. The stock’s 50 day moving average is $40.90 and its 200-day moving average is $41.15. National Retail Properties has a one year low of $36.45 and a one year high of $52.27.
National Retail Properties (NYSE:NNN) last announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by $0.29. National Retail Properties had a net margin of 44.17% and a return on equity of 8.22%. The business had revenue of $145.55 million during the quarter, compared to analysts’ expectations of $142.83 million. During the same period last year, the company earned $0.60 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. Analysts anticipate that National Retail Properties will post $1.47 EPS for the current fiscal year.
In other news, insider Julian E. Whitehurst sold 17,413 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $41.46, for a total value of $721,942.98. Following the completion of the transaction, the insider now owns 294,826 shares of the company’s stock, valued at $12,223,485.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kevin B. Habicht sold 23,499 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $40.45, for a total transaction of $950,534.55. Following the completion of the transaction, the chief financial officer now directly owns 146,386 shares of the company’s stock, valued at approximately $5,921,313.70. The disclosure for this sale can be found here. In the last three months, insiders sold 52,912 shares of company stock valued at $2,164,138. Company insiders own 1.03% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its position in National Retail Properties by 278.6% during 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 during the last quarter. IHT Wealth Management LLC increased its position in National Retail Properties by 1.0% during 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 during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in National Retail Properties during the first quarter worth approximately $122,000. Northwestern Mutual Wealth Management Co. increased its position in National Retail Properties by 82.7% during 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 during the last quarter. Finally, BB&T Investment Services Inc. acquired a new position in National Retail Properties during the second quarter worth approximately $212,000. 89.23% of the stock is owned by hedge funds and other institutional investors.
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 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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