Nuveen Asset Management LLC lowered its stake in shares of National Retail Properties, Inc. (NYSE:NNN) by 26.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 509,758 shares of the real estate investment trust’s stock after selling 187,555 shares during the period. Nuveen Asset Management LLC’s holdings in National Retail Properties were worth $20,860,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of NNN. Long Pond Capital LP purchased a new stake in shares of National Retail Properties in the fourth quarter worth approximately $82,566,000. Victory Capital Management Inc. grew its holdings in National Retail Properties by 26.2% during the fourth quarter. Victory Capital Management Inc. now owns 5,312,321 shares of the real estate investment trust’s stock worth $217,379,000 after buying an additional 1,102,924 shares in the last quarter. Carlson Capital L P bought a new stake in National Retail Properties during the fourth quarter worth $31,096,000. Lockheed Martin Investment Management Co. purchased a new stake in National Retail Properties in the 4th quarter valued at $9,231,000. Finally, Federated Hermes Inc. lifted its stake in National Retail Properties by 10.5% during 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. 89.15% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently commented on NNN. Robert W. Baird initiated coverage on shares of National Retail Properties in a report on Wednesday, December 16th. They issued a “neutral” rating and a $42.00 target price for the company. Morgan Stanley increased their price objective on shares of 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. Bank of America upgraded National Retail Properties from an “underperform” rating to a “buy” rating in a research note on Wednesday. Wells Fargo & Company downgraded National Retail Properties from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $41.00 to $40.00 in a research report on Thursday, December 10th. Finally, Zacks Investment Research cut National Retail Properties from a “hold” rating to a “sell” rating in a research report on Tuesday, February 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $41.29.
NYSE NNN opened at $45.46 on Thursday. The company has a quick ratio of 7.03, a current ratio of 7.03 and a debt-to-equity ratio of 0.82. The company has a market cap of $7.98 billion, a PE ratio of 36.96 and a beta of 0.74. National Retail Properties, Inc. has a 52 week low of $25.87 and a 52 week high of $46.44. The firm’s 50-day simple moving average is $43.62 and its two-hundred day simple moving average is $39.61.
National Retail Properties (NYSE:NNN) last posted its quarterly earnings results on Thursday, February 11th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.32). National Retail Properties had a net margin of 35.97% and a return on equity of 6.09%. As a group, equities research analysts anticipate that National Retail Properties, Inc. will post 2.62 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Stockholders of record on Friday, January 29th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date of this dividend was Thursday, January 28th. National Retail Properties’s payout ratio is currently 75.36%.
About National Retail Properties
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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