Morgan Keegan Ups Estimates On Nationwide Health Properties (NHP)

Morgan Keegan is upping its estimates on Nationwide Health Properties NHP on acquisition activity. It has an Outperform rating and a $45 price target on shares. In the note sent to clients, Morgan writes, "Friday evening, Nationwide Health Properties reported investment activity well in excess of our expectations. The company completed $248 million in acquisitions in the fourth quarter with an average yield of 9.1%. When NHP reported third quarter earnings in November, its fourth quarter investment activity was just $39 million. The weighted average initial investment yield of 9.1% topped our expectations as well. NHP also disclosed better-than-expected first quarter 2011 investments under contract of $243 million with an initial yield of 8.5%." Shares of NHP closed at $36.18 on Friday, up 3 cents.