National Retail Properties (NYSE:NNN) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

National Retail Properties (NYSE:NNN – Get Rating) announced its earnings results on Wednesday. The real estate investment trust reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03, RTT News reports. The business had revenue of $190.80 million during the quarter, compared to the consensus estimate of $190.68 million. National Retail Properties had a return on equity of 8.09% and a net margin of 42.21%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.77 EPS. National Retail Properties updated its FY22 guidance to $3.14-3.19 EPS and its FY 2022 guidance to $3.14-$3.19 EPS.

National Retail Properties Stock Down 0.7 %

Shares of NNN opened at $46.10 on Friday. National Retail Properties has a 52-week low of $39.12 and a 52-week high of $49.10. The company has a market capitalization of $8.16 billion, a PE ratio of 27.12, a price-to-earnings-growth ratio of 3.68 and a beta of 0.84. The stock has a fifty day simple moving average of $44.13 and a two-hundred day simple moving average of $44.01. The company has a quick ratio of 1.50, a current ratio of 1.51 and a debt-to-equity ratio of 0.97.

National Retail Properties Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, July 29th will be paid a $0.55 dividend. The ex-dividend date is Thursday, July 28th. This is an increase from National Retail Properties’s previous quarterly dividend of $0.53. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.77%. National Retail Properties’s dividend payout ratio (DPR) is 129.41%.

Institutional Trading of National Retail Properties

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Covestor Ltd grew its holdings in shares of National Retail Properties by 88.6% during the 1st quarter. Covestor Ltd now owns 1,288 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 605 shares during the period. Avalon Investment & Advisory purchased a new position in shares of National Retail Properties during the 1st quarter worth $209,000. Wexford Capital LP purchased a new position in shares of National Retail Properties during the 1st quarter worth $259,000. Virtu Financial LLC purchased a new position in shares of National Retail Properties during the 1st quarter worth $268,000. Finally, First Republic Investment Management Inc. grew its holdings in shares of National Retail Properties by 5.5% during the 1st quarter. First Republic Investment Management Inc. now owns 6,376 shares of the real estate investment trust’s stock worth $287,000 after purchasing an additional 330 shares during the period. 88.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NNN shares. Credit Suisse Group started coverage on National Retail Properties in a research note on Wednesday, June 22nd. They set an “outperform” rating and a $46.00 target price for the company. Raymond James upped their target price on National Retail Properties from $50.00 to $55.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 8th. Stifel Nicolaus reduced their price objective on National Retail Properties from $56.00 to $53.00 in a research note on Tuesday, May 3rd. StockNews.com downgraded National Retail Properties from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Morgan Stanley downgraded National Retail Properties from an “overweight” rating to an “equal weight” rating and set a $45.00 price objective for the company. in a research note on Tuesday, July 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $49.22.

About National Retail Properties

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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.