National Retail Properties (NNN) Receives a Hold from B.Riley FBR

By Carrie Williams

In a report released today, Craig Kucera from B.Riley FBR maintained a Hold rating on National Retail Properties (NNNResearch Report), with a price target of $55. The company’s shares closed last Monday at $54.05.

Kucera observed:

“We are lowering our earnings estimates for Properties, Inc. (NNN), post a 7M common-share offering, with net proceeds anticipated to be utilized to redeem the company’s $287.5M series E preferred (5.7% coupon) in early 4Q19. Given some expected dilution from elevated cash levels in 3Q19, we are reducing our 3Q19 core FFO estimate, from $0.69 to $0.68, while also lowering our 2019 core FFO estimate, from $2.75 to $2.74. In addition, we lower our 2020E core FFO estimate, from $2.87 to $2.84. Our unchanged $55 price target represents a premium to peers, at 20.1x 2019E core FFO, vs. peers trading at 19.5x, or 126% of NAV.”

According to, Kucera is a 4-star analyst with an average return of 6.5% and a 68.8% success rate. Kucera covers the Financial sector, focusing on stocks such as Monmouth Real Estate Investment, NexPoint Residential Trust Inc, and Consolidated-Tomoka Land Co.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for National Retail Properties with a $57 average price target.

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National Retail Properties’ market cap is currently $9.28B and has a P/E ratio of 38.03. The company has a Price to Book ratio of 2.46.

Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NNN in relation to earlier this year.

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National Retail Properties, Inc. is a real estate investment trust, which engages in investing in properties subject to long-term net leases. It also acquires, owns, invests in, and develops properties that are leased to retail tenants under long-term net leases and held for investment.