National Retail Properties (NNN) Upgraded to Buy by Zacks Investment Research
National Retail Properties (NYSE:NNN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $47.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.17% from the company’s current price.
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. “
A number of other research analysts have also weighed in on the company. Ladenburg Thalmann Financial Services upgraded National Retail Properties from a “neutral” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Monday, September 11th. FBR & Co restated a “buy” rating and issued a $52.00 target price on shares of National Retail Properties in a report on Thursday, September 7th. Finally, BidaskClub upgraded National Retail Properties from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $48.00.
Shares of National Retail Properties (NYSE:NNN) opened at 41.90 on Wednesday. The company has a market cap of $6.25 billion, a PE ratio of 31.48 and a beta of 0.37. The stock’s 50 day moving average price is $41.98 and its 200-day moving average price is $40.81. National Retail Properties has a 52 week low of $36.45 and a 52 week high of $48.03.
National Retail Properties (NYSE:NNN) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.33 earnings per share for the quarter, missing the Zacks’ 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 company had revenue of $145.55 million during the quarter, compared to the consensus estimate of $142.83 million. During the same quarter in the prior year, the business earned $0.60 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. Analysts expect that National Retail Properties will post $1.45 EPS for the current year.
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In related news, insider Julian E. Whitehurst sold 17,413 shares of National Retail Properties stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $41.46, for a total transaction of $721,942.98. Following the sale, the insider now directly owns 294,826 shares in the company, valued at $12,223,485.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stephen A. Horn, Jr. sold 10,000 shares of National Retail Properties stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $41.11, for a total value of $411,100.00. Following the sale, the executive vice president now owns 90,462 shares in the company, valued at $3,718,892.82. The disclosure for this sale can be found here. Insiders have sold 52,912 shares of company stock worth $2,164,138 over the last quarter. 1.03% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its holdings 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 acquiring an additional 1,694 shares during the period. IHT Wealth Management LLC lifted its holdings 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 acquiring an additional 28 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings 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 acquiring an additional 1,632 shares during the period. BB&T Investment Services Inc. bought a new stake in National Retail Properties during the second quarter worth $212,000. Finally, Meridian Wealth Management LLC lifted its holdings in National Retail Properties by 0.5% during the second quarter. Meridian Wealth Management LLC now owns 5,977 shares of the real estate investment trust’s stock worth $234,000 after acquiring an additional 27 shares during the period. Institutional investors and hedge funds own 89.37% of the company’s stock.
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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