National Retail Properties (NYSE:NNN) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a report released on Tuesday, Zacks.com reports.
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 also recently issued reports on the company. Wells Fargo & Company downgraded National Retail Properties from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $41.00 to $40.00 in a research note on Thursday, December 10th. Morgan Stanley upped their price objective on National Retail Properties from $35.00 to $37.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 15th. B. Riley upped their price objective on National Retail Properties from $45.00 to $49.00 and gave the company a "buy" rating in a research note on Friday, February 12th. They noted that the move was a valuation call. Raymond James restated a "buy" rating on shares of National Retail Properties in a research note on Monday, February 15th. Finally, Robert W. Baird initiated coverage on National Retail Properties in a research report on Wednesday, December 16th. They set a "neutral" rating and a $42.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company's stock. The stock currently has a consensus rating of "Hold" and a consensus target price of $41.29.
Shares of National Retail Properties stock opened at $43.81 on Tuesday. The stock has a fifty day simple moving average of $40.41 and a 200 day simple moving average of $38.02. National Retail Properties has a 12-month low of $24.04 and a 12-month high of $58.87. The company has a market capitalization of $7.68 billion, a P/E ratio of 35.62 and a beta of 0.74. The company has a current ratio of 7.03, a quick ratio of 7.03 and a debt-to-equity ratio of 0.82.
National Retail Properties (NYSE:NNN) last announced its quarterly earnings data on Thursday, February 11th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.65 by ($0.32). National Retail Properties had a net margin of 35.97% and a return on equity of 6.09%. On average, analysts predict that National Retail Properties will post 2.62 EPS for the current year.
In other National Retail Properties news, insider Christopher Paul Tessitore sold 30,000 shares of the firm's stock in a transaction dated Wednesday, February 17th. The stock was sold at an average price of $42.20, for a total value of $1,266,000.00. Also, CAO Michelle Lynn Miller sold 1,000 shares of the firm's stock in a transaction dated Tuesday, December 15th. The shares were sold at an average price of $39.68, for a total value of $39,680.00. Following the completion of the sale, the chief accounting officer now directly owns 40,475 shares in the company, valued at approximately $1,606,048. The disclosure for this sale can be found here. Insiders have sold a total of 45,000 shares of company stock worth $1,894,660 in the last three months. 0.77% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its holdings in shares of National Retail Properties by 6.5% in the 4th quarter. JPMorgan Chase & Co. now owns 5,625,326 shares of the real estate investment trust's stock valued at $230,188,000 after acquiring an additional 341,895 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of National Retail Properties by 26.2% in the 4th quarter. Victory Capital Management Inc. now owns 5,312,321 shares of the real estate investment trust's stock valued at $217,379,000 after acquiring an additional 1,102,924 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of National Retail Properties by 10.5% in the 4th quarter. Federated Hermes Inc. now owns 2,222,168 shares of the real estate investment trust's stock valued at $90,931,000 after acquiring an additional 210,771 shares in the last quarter. Long Pond Capital LP purchased a new stake in shares of National Retail Properties in the 4th quarter valued at about $82,566,000. Finally, Brookfield Asset Management Inc. raised its holdings in shares of National Retail Properties by 17.0% in the 4th quarter. Brookfield Asset Management Inc. now owns 1,951,974 shares of the real estate investment trust's stock valued at $79,875,000 after acquiring an additional 283,554 shares in the last quarter. 89.15% of the stock is currently owned by hedge funds and other institutional investors.
National Retail Properties Company Profile
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2020, the company owned 3,114 properties in 48 states with a gross leasable area of approximately 32.4 million square feet and with a weighted average remaining lease term of 10.7 years.
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