NETSTREIT (NYSE:NTST) Shares Gap Up After Dividend Announcement

NETSTREIT Corp. (NYSE:NTST) gapped up before the market opened on Tuesday after the company announced a dividend. The stock had previously closed at $15.09, but opened at $16.34. NETSTREIT shares last traded at $15.72, with a volume of 203,157 shares trading hands.

The newly announced dividend which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 5.31%. The ex-dividend date of this dividend is Monday, December 2nd. NETSTREIT’s payout ratio is -1,399.77%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Stifel Nicolaus dropped their target price on shares of NETSTREIT from $19.50 to $19.25 and set a “buy” rating on the stock in a report on Tuesday. UBS Group assumed coverage on shares of NETSTREIT in a report on Monday, October 14th. They set a “buy” rating and a $19.00 target price on the stock. Raymond James upgraded shares of NETSTREIT from an “outperform” rating to a “strong-buy” rating and dropped their target price for the stock from $20.00 to $19.00 in a report on Wednesday, August 21st. Wedbush assumed coverage on shares of NETSTREIT in a report on Monday, August 19th. They issued a “neutral” rating and a $17.00 price objective on the stock. Finally, Scotiabank lowered their price objective on shares of NETSTREIT from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.11.

NETSTREIT Stock Performance

The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -263.71 and a beta of 0.97. The stock’s fifty day moving average is $16.27 and its two-hundred day moving average is $16.62. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 0.55.

NETSTREIT (NYSE:NTST) last issued its earnings results on Monday, November 4th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.37). The firm had revenue of $41.44 million for the quarter, compared to analyst estimates of $41.10 million. NETSTREIT had a negative return on equity of 0.36% and a negative net margin of 2.96%. During the same quarter in the previous year, the firm posted $0.31 earnings per share. On average, analysts predict that NETSTREIT Corp. will post 1.19 earnings per share for the current year.

Hedge Funds Weigh In On NETSTREIT

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NTST. Long Pond Capital LP boosted its position in NETSTREIT by 235.2% during the first quarter. Long Pond Capital LP now owns 5,967,437 shares of the company’s stock worth $109,622,000 after purchasing an additional 4,187,438 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in NETSTREIT by 1,931.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,615,264 shares of the company’s stock worth $26,700,000 after purchasing an additional 1,535,761 shares during the period. Russell Investments Group Ltd. boosted its position in shares of NETSTREIT by 64.9% in the first quarter. Russell Investments Group Ltd. now owns 1,593,752 shares of the company’s stock valued at $29,277,000 after acquiring an additional 627,514 shares during the period. Vanguard Group Inc. boosted its position in shares of NETSTREIT by 8.3% in the first quarter. Vanguard Group Inc. now owns 7,352,295 shares of the company’s stock valued at $135,062,000 after acquiring an additional 566,513 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of NETSTREIT by 42.4% in the second quarter. Marshall Wace LLP now owns 1,009,106 shares of the company’s stock valued at $16,247,000 after acquiring an additional 300,481 shares during the period.

NETSTREIT Company Profile

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.