Teachers Insurance & Annuity Association of America Decreases Holdings in National Retail Properties, Inc. (NYSE:NNN)
Teachers Insurance & Annuity Association of America trimmed its holdings in shares of National Retail Properties, Inc. (NYSE:NNN) by 60.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,711 shares of the real estate investment trust’s stock after selling 88,654 shares during the period. Teachers Insurance & Annuity Association of America’s holdings in National Retail Properties were worth $3,112,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in NNN. Cornerstone Advisors Inc. grew its holdings in National Retail Properties by 170.8% during the first quarter. Cornerstone Advisors Inc. now owns 463 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 292 shares during the period. JJJ Advisors Inc. purchased a new stake in National Retail Properties in the 2nd quarter worth about $31,000. Cascade Investment Advisors Inc. bought a new stake in National Retail Properties in the 2nd quarter valued at about $32,000. Next Capital Management LLC bought a new stake in National Retail Properties in the 1st quarter valued at about $51,000. Finally, TRUE Private Wealth Advisors bought a new stake in National Retail Properties in the 2nd quarter valued at about $53,000. Institutional investors own 90.23% of the company’s stock.
In other news, EVP Michelle Lynn Miller sold 1,500 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $54.91, for a total transaction of $82,365.00. Following the sale, the executive vice president now owns 34,154 shares in the company, valued at approximately $1,875,396.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.70% of the stock is owned by corporate insiders.
National Retail Properties (NYSE:NNN) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.25). The business had revenue of $164.80 million for the quarter, compared to analysts’ expectations of $163.73 million. National Retail Properties had a return on equity of 7.88% and a net margin of 43.14%. National Retail Properties’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.68 earnings per share. On average, sell-side analysts anticipate that National Retail Properties, Inc. will post 2.75 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a $0.515 dividend. This represents a $2.06 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend was Tuesday, July 30th. This is a boost from National Retail Properties’s previous quarterly dividend of $0.50. National Retail Properties’s payout ratio is currently 76.87%.
NNN has been the subject of a number of research reports. ValuEngine lowered shares of National Retail Properties from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Raymond James set a $57.00 price objective on shares of National Retail Properties and gave the company a “hold” rating in a research note on Monday, May 20th. Stifel Nicolaus boosted their target price on shares of National Retail Properties from $56.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Zacks Investment Research downgraded National Retail Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Wells Fargo & Co set a $62.00 price target on National Retail Properties and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. National Retail Properties currently has a consensus rating of “Hold” and a consensus price target of $56.14.
About National Retail Properties
National Retail Properties invests primarily in high-quality retail properties subject generally to long term, net leases. As of March 31, 2019, the company owned 2,984 properties in 48 states with a gross leasable area of approximately 30.7 million square feet and with a weighted average remaining lease term of 11.4 years.
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