Westpac Banking Corp raised its position in National Retail Properties, Inc. (NYSE:NNN) by 214.1% in the first quarter, Holdings Channel reports. The fund owned 143,675 shares of the real estate investment trust’s stock after purchasing an additional 97,930 shares during the quarter. Westpac Banking Corp’s holdings in National Retail Properties were worth $7,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently made changes to their positions in the business. Crossmark Global Holdings Inc. lifted its stake in National Retail Properties by 1.5% in the first quarter. Crossmark Global Holdings Inc. now owns 17,339 shares of the real estate investment trust’s stock valued at $960,000 after acquiring an additional 260 shares during the last quarter. Cornerstone Advisors Inc. lifted its stake in National Retail Properties by 170.8% in the first quarter. Cornerstone Advisors Inc. now owns 463 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 292 shares during the last quarter. Signaturefd LLC lifted its stake in National Retail Properties by 25.5% in the first quarter. Signaturefd LLC now owns 1,637 shares of the real estate investment trust’s stock valued at $91,000 after acquiring an additional 333 shares during the last quarter. Amalgamated Bank lifted its stake in National Retail Properties by 1.2% in the fourth quarter. Amalgamated Bank now owns 31,132 shares of the real estate investment trust’s stock valued at $1,510,000 after acquiring an additional 356 shares during the last quarter. Finally, Cigna Investments Inc. New lifted its stake in National Retail Properties by 8.6% in the fourth quarter. Cigna Investments Inc. New now owns 4,687 shares of the real estate investment trust’s stock valued at $228,000 after acquiring an additional 372 shares during the last quarter. Hedge funds and other institutional investors own 89.52% of the company’s stock.
In other news, insider Christopher Paul Tessitore sold 2,550 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $25.69, for a total transaction of $65,509.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Eugene Bayer sold 6,743 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $55.55, for a total transaction of $374,573.65. Following the transaction, the insider now directly owns 133,072 shares in the company, valued at $7,392,149.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,392 shares of company stock valued at $2,492,523. 0.70% of the stock is currently owned by corporate insiders.
A number of analysts have commented on NNN shares. Zacks Investment Research upgraded shares of National Retail Properties from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Friday, February 15th. Raymond James set a $57.00 price target on shares of National Retail Properties and gave the company a “hold” rating in a research note on Monday, May 20th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $51.43.
Shares of NYSE NNN traded up $0.25 during mid-day trading on Friday, reaching $55.35. 164,926 shares of the company were exchanged, compared to its average volume of 630,586. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.35 and a current ratio of 2.35. The stock has a market cap of $9.00 billion, a PE ratio of 20.65, a P/E/G ratio of 4.67 and a beta of 0.22. National Retail Properties, Inc. has a twelve month low of $41.67 and a twelve month high of $55.87.
National Retail Properties (NYSE:NNN) last posted its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.23). The company had revenue of $163.71 million for the quarter, compared to analyst estimates of $161.34 million. National Retail Properties had a return on equity of 7.78% and a net margin of 42.49%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.67 EPS. As a group, analysts predict that National Retail Properties, Inc. will post 2.75 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend was Monday, April 29th. National Retail Properties’s dividend payout ratio is presently 74.63%.
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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