Prudential Financial Inc. Grows Stock Holdings in National Retail Properties, Inc. (NYSE:NNN)

Prudential Financial Inc. raised its position in shares of National Retail Properties, Inc. (NYSE:NNN) by 8.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,603 shares of the real estate investment trust’s stock after purchasing an additional 7,800 shares during the period. Prudential Financial Inc. owned approximately 0.06% of National Retail Properties worth $5,439,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NNN. PGGM Investments increased its holdings in shares of National Retail Properties by 369.6% in the second quarter. PGGM Investments now owns 3,164,375 shares of the real estate investment trust’s stock worth $167,744,000 after buying an additional 2,490,524 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of National Retail Properties by 33.4% in the first quarter. JPMorgan Chase & Co. now owns 5,747,192 shares of the real estate investment trust’s stock worth $318,336,000 after buying an additional 1,440,166 shares during the period. FMR LLC increased its holdings in shares of National Retail Properties by 17.6% in the first quarter. FMR LLC now owns 3,882,238 shares of the real estate investment trust’s stock worth $215,038,000 after buying an additional 581,343 shares during the period. Neuberger Berman Group LLC increased its holdings in shares of National Retail Properties by 110.6% in the first quarter. Neuberger Berman Group LLC now owns 1,056,370 shares of the real estate investment trust’s stock worth $58,512,000 after buying an additional 554,810 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of National Retail Properties by 1.9% in the first quarter. BlackRock Inc. now owns 23,305,276 shares of the real estate investment trust’s stock worth $1,290,878,000 after buying an additional 423,636 shares during the period. Institutional investors and hedge funds own 90.23% of the company’s stock.

Shares of NYSE NNN traded down $0.18 during trading hours on Friday, hitting $54.21. The company’s stock had a trading volume of 81,643 shares, compared to its average volume of 1,153,063. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a market cap of $8.84 billion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 6.36 and a beta of 0.13. National Retail Properties, Inc. has a 12 month low of $42.97 and a 12 month high of $57.80. The business has a 50-day simple moving average of $54.64 and a 200-day simple moving average of $53.67.

National Retail Properties (NYSE:NNN) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.25). The business had revenue of $164.80 million during the quarter, compared to the consensus estimate of $163.73 million. National Retail Properties had a return on equity of 7.88% and a net margin of 43.14%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. On average, equities research analysts forecast that National Retail Properties, Inc. will post 2.74 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.515 dividend. 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. This represents a $2.06 annualized dividend and a dividend yield of 3.80%. National Retail Properties’s dividend payout ratio (DPR) is presently 76.87%.

Several research analysts have recently commented on NNN shares. Stifel Nicolaus lifted their price objective on National Retail Properties from $56.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Wells Fargo & Co set a $62.00 price objective on National Retail Properties and gave the stock a “buy” rating in a report on Tuesday, September 3rd. ValuEngine downgraded National Retail Properties from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley lifted their price objective 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, Raymond James set a $57.00 price objective on National Retail Properties and gave the stock a “hold” rating in a report on Monday, May 20th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $56.14.

In related news, EVP Michelle Lynn Miller sold 1,700 shares of the firm’s 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 sale, the executive vice president now directly owns 39,454 shares of the company’s stock, valued at $2,187,329.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is owned by company insiders.

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.

Further Reading: Quiet Period Expirations Explained

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Institutional Ownership by Quarter for National Retail Properties (NYSE:NNN)

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