NETSTREIT (NYSE:NTST) Announces Earnings Results

NETSTREIT (NYSE:NTST) released its quarterly earnings results on Monday. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.33), Zacks reports. The company had revenue of $39.57 million for the quarter, compared to analysts’ expectations of $39.31 million. NETSTREIT had a return on equity of 0.39% and a net margin of 3.32%. During the same period in the previous year, the business posted $0.30 EPS. NETSTREIT updated its FY24 guidance to $1.25-1.28 EPS and its FY 2024 guidance to 1.250-1.280 EPS.

NETSTREIT Stock Down 2.4 %

Shares of NETSTREIT stock traded down $0.40 on Wednesday, hitting $16.47. 928,328 shares of the company’s stock traded hands, compared to its average volume of 943,043. NETSTREIT has a 52-week low of $13.49 and a 52-week high of $18.97. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 0.55. The stock has a market cap of $1.21 billion, a P/E ratio of 187.47, a PEG ratio of 10.26 and a beta of 0.97. The firm’s 50-day moving average is $16.82 and its 200 day moving average is $17.28.

NETSTREIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.21 per share. The ex-dividend date is Tuesday, September 3rd. This is an increase from NETSTREIT’s previous quarterly dividend of $0.21. This represents a $0.84 annualized dividend and a yield of 5.10%. NETSTREIT’s payout ratio is currently 911.21%.

Wall Street Analyst Weigh In

Separately, Scotiabank lifted their target price on NETSTREIT from $17.00 to $18.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.09.

Insider Transactions at NETSTREIT

In other NETSTREIT news, Director Todd Minnis sold 6,250 shares of NETSTREIT stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $17.86, for a total value of $111,625.00. Following the completion of the transaction, the director now owns 10,359 shares of the company’s stock, valued at $185,011.74. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

About NETSTREIT

NETSTREIT Corp. is an internally managed real estate investment trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets.