CIBC Asset Management Inc reduced its position in shares of National Retail Properties, Inc. (NYSE:NNN) by 2.6% in the first quarter, HoldingsChannel reports. The firm owned 7,319 shares of the real estate investment trust’s stock after selling 196 shares during the period. CIBC Asset Management Inc’s holdings in National Retail Properties were worth $405,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. grew its position in shares of National Retail Properties by 170.8% during the 1st quarter. Cornerstone Advisors Inc. now owns 463 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 292 shares in the last quarter. Pearl River Capital LLC purchased a new position in shares of National Retail Properties during the 1st quarter valued at $34,000. Next Capital Management LLC purchased a new position in shares of National Retail Properties during the 1st quarter valued at $51,000. Cutler Group LP grew its position in shares of National Retail Properties by 384.4% during the 4th quarter. Cutler Group LP now owns 930 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 738 shares in the last quarter. Finally, CWM LLC grew its position in shares of National Retail Properties by 157.1% during the 1st quarter. CWM LLC now owns 990 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 605 shares in the last quarter. Hedge funds and other institutional investors own 89.36% of the company’s stock.
NYSE NNN opened at $53.73 on Friday. National Retail Properties, Inc. has a 52-week low of $40.54 and a 52-week high of $55.87. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.81. The firm has a market cap of $8.68 billion, a PE ratio of 20.05, a P/E/G ratio of 4.47 and a beta of 0.24.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend was Monday, April 29th. National Retail Properties’s dividend payout ratio is currently 74.63%.
A number of research firms have recently commented on NNN. Zacks Investment Research lowered shares of National Retail Properties from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Raymond James set a $57.00 price target on shares of National Retail Properties and gave the company a “hold” rating in a research report on Monday, May 20th. B. Riley downgraded shares of National Retail Properties from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $50.00 to $55.00 in a report on Wednesday, February 13th. Finally, LADENBURG THALM/SH SH downgraded shares of National Retail Properties from a “buy” rating to a “neutral” rating in a report on Monday, February 11th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. National Retail Properties currently has an average rating of “Hold” and a consensus target price of $51.43.
In other news, EVP Michelle Lynn Miller sold 1,200 shares of National Retail Properties stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $54.18, for a total transaction of $65,016.00. Following the completion of the sale, the executive vice president now directly owns 35,654 shares of the company’s stock, valued at approximately $1,931,733.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Eugene Bayer sold 37,899 shares of National Retail Properties stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $52.44, for a total transaction of $1,987,423.56. Following the sale, the insider now directly owns 95,173 shares of the company’s stock, valued at $4,990,872.12. The disclosure for this sale can be found here. Insiders have sold a total of 78,228 shares of company stock valued at $4,112,656 over the last ninety days. 0.70% of the stock is currently owned by insiders.
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National Retail Properties Profile
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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