Envestnet Asset Management Inc. cut its stake in National Retail Properties, Inc. (NYSE:NNN) by 2.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,825 shares of the real estate investment trust’s stock after selling 428 shares during the quarter. Envestnet Asset Management Inc.’s holdings in National Retail Properties were worth $1,104,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Cornerstone Advisors Inc. increased its position in shares of 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 worth $26,000 after purchasing an additional 292 shares in the last quarter. JJJ Advisors Inc. purchased a new stake in shares of National Retail Properties during the second quarter worth approximately $31,000. Cascade Investment Advisors Inc. purchased a new stake in National Retail Properties in the 2nd quarter valued at $32,000. Pearl River Capital LLC purchased a new stake in National Retail Properties in the 1st quarter valued at $34,000. Finally, Next Capital Management LLC purchased a new stake in National Retail Properties in the 1st quarter valued at $51,000. 90.23% of the stock is owned by institutional investors.
Several analysts have issued reports on NNN shares. Raymond James set a $57.00 target price on National Retail Properties and gave the company a “hold” rating in a report on Monday, May 20th. Wells Fargo & Co set a $62.00 target price on National Retail Properties and gave the company a “buy” rating in a report on Tuesday, September 3rd. Stifel Nicolaus increased their price target on National Retail Properties from $56.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Morgan Stanley increased their price target on National Retail Properties from $53.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. Finally, Zacks Investment Research cut National Retail Properties from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. National Retail Properties has a consensus rating of “Hold” and an average price target of $56.14.
NNN traded down $1.38 during mid-day trading on Friday, hitting $53.01. 61,341 shares of the stock were exchanged, compared to its average volume of 1,153,063. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.81. The company has a market cap of $8.84 billion, a PE ratio of 19.70, a PEG ratio of 6.36 and a beta of 0.13. The firm’s fifty day moving average is $54.64 and its two-hundred day moving average is $53.67. National Retail Properties, Inc. has a 1-year low of $42.97 and a 1-year high of $57.80.
National Retail Properties (NYSE:NNN) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.25). The company had revenue of $164.80 million during the quarter, compared to analyst estimates of $163.73 million. National Retail Properties had a net margin of 43.14% and a return on equity of 7.88%. National Retail Properties’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 EPS. As a group, research analysts anticipate that National Retail Properties, Inc. will post 2.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a $0.515 dividend. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a $2.06 dividend on an annualized basis and a dividend yield of 3.89%. This is an increase from National Retail Properties’s previous quarterly dividend of $0.50. National Retail Properties’s dividend payout ratio is presently 76.87%.
In other news, EVP Michelle Lynn Miller sold 1,700 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $55.44, for a total value of $94,248.00. Following the transaction, the executive vice president now owns 39,454 shares in the company, valued at approximately $2,187,329.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.70% of the company’s stock.
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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