National Retail Properties (NYSE:NNN) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of National Retail Properties (NYSE:NNN) from a hold rating to a buy rating in a research note released on Wednesday, August 2nd. They currently have $45.00 price target on the real estate investment trust’s stock.

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. “

Separately, BidaskClub upgraded shares of National Retail Properties from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $45.67.

National Retail Properties (NYSE NNN) traded down 1.31% during trading on Wednesday, hitting $39.92. The company’s stock had a trading volume of 716,579 shares. The firm has a market cap of $5.96 billion, a PE ratio of 29.99 and a beta of 0.38. National Retail Properties has a one year low of $36.45 and a one year high of $52.27. The company has a 50-day moving average of $39.68 and a 200 day moving average of $41.50.

National Retail Properties (NYSE:NNN) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.33 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $145.55 million during the quarter, compared to the consensus estimate of $142.83 million. During the same quarter in the previous year, the firm earned $0.60 earnings per share. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities analysts forecast that National Retail Properties will post $1.46 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be issued a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.76%. This is a positive change from National Retail Properties’s previous quarterly dividend of $0.46. National Retail Properties’s payout ratio is currently 142.86%.

In other National Retail Properties news, EVP Michelle Lynn Miller sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $40.28, for a total value of $80,560.00. Following the transaction, the executive vice president now owns 21,267 shares in the company, valued at approximately $856,634.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.03% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its stake in 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 valued at $100,000 after buying an additional 1,694 shares in the last quarter. IHT Wealth Management LLC increased its stake in 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 valued at $119,000 after buying an additional 28 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in National Retail Properties during the first quarter valued at about $122,000. Northwestern Mutual Wealth Management Co. increased its stake in 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 valued at $141,000 after buying an additional 1,632 shares in the last quarter. Finally, Pinnacle Bank purchased a new stake in National Retail Properties during the first quarter valued at about $179,000. 89.75% of the stock is owned by 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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