Municipal Employees Retirement System of Michigan Sells 12,430 Shares of National Retail Properties (NNN)
Municipal Employees Retirement System of Michigan lessened its stake in National Retail Properties (NYSE:NNN) by 21.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 45,140 shares of the real estate investment trust’s stock after selling 12,430 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in National Retail Properties were worth $1,881,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of NNN. Teachers Advisors LLC increased its stake in National Retail Properties by 4.5% during the first quarter. Teachers Advisors LLC now owns 157,850 shares of the real estate investment trust’s stock worth $6,885,000 after acquiring an additional 6,749 shares during the last quarter. HighTower Advisors LLC acquired a new stake in National Retail Properties during the first quarter worth $293,000. Xact Kapitalforvaltning AB increased its stake in National Retail Properties by 8.8% during the second quarter. Xact Kapitalforvaltning AB now owns 20,713 shares of the real estate investment trust’s stock worth $810,000 after acquiring an additional 1,673 shares during the last quarter. Capstone Asset Management Co. increased its stake in National Retail Properties by 7.2% during the second quarter. Capstone Asset Management Co. now owns 15,599 shares of the real estate investment trust’s stock worth $610,000 after acquiring an additional 1,050 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in National Retail Properties by 25.6% during the second quarter. Bank of Montreal Can now owns 45,610 shares of the real estate investment trust’s stock worth $1,783,000 after acquiring an additional 9,301 shares during the last quarter. 87.57% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on NNN shares. Zacks Investment Research raised National Retail Properties from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Wednesday, August 2nd. B. Riley set a $52.00 target price on National Retail Properties and gave the stock a “buy” rating in a research note on Tuesday. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of National Retail Properties in a research note on Thursday, November 2nd. Robert W. Baird reissued a “buy” rating and set a $46.00 target price on shares of National Retail Properties in a research note on Friday, October 20th. Finally, FBR & Co reissued a “buy” rating and set a $52.00 target price on shares of National Retail Properties in a research note on Thursday, September 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. National Retail Properties presently has an average rating of “Buy” and a consensus price target of $47.71.
National Retail Properties (NNN) opened at $42.18 on Thursday. National Retail Properties has a 52-week low of $36.45 and a 52-week high of $46.34. The company has a market capitalization of $6,466.83, a price-to-earnings ratio of 16.88, a PEG ratio of 3.49 and a beta of 0.40. The company has a debt-to-equity ratio of 0.86, a quick ratio of 7.66 and a current ratio of 7.66.
National Retail Properties (NYSE:NNN) last released its quarterly earnings results on Thursday, November 2nd. The real estate investment trust reported $0.65 EPS for the quarter, topping the consensus estimate of $0.64 by $0.01. National Retail Properties had a return on equity of 8.47% and a net margin of 44.96%. The business had revenue of $147.71 million during the quarter, compared to analyst estimates of $146.57 million. During the same period last year, the business posted $0.61 earnings per share. The company’s quarterly revenue was up 9.8% on a year-over-year basis. equities research analysts predict that National Retail Properties will post 2.53 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st were given a dividend of $0.475 per share. The ex-dividend date of this dividend was Monday, October 30th. This represents a $1.90 annualized dividend and a dividend yield of 4.50%. National Retail Properties’s dividend payout ratio is currently 135.72%.
In other news, insider Julian E. Whitehurst sold 17,413 shares of the firm’s 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 completion of the transaction, the insider now directly owns 294,826 shares in the company, valued at $12,223,485.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last 90 days, insiders have sold 817,413 shares of company stock valued at $756,943. Company insiders own 1.03% of the company’s stock.
National Retail Properties Profile
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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