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

NETSTREIT Corp. (NYSE:NTST)’s stock price gapped up before the market opened on Tuesday following a dividend announcement from the company. 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 changing hands.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NTST shares. Raymond James raised shares of NETSTREIT from an “outperform” rating to a “strong-buy” rating and lowered their price target for the company from $20.00 to $19.00 in a report on Wednesday, August 21st. Stifel Nicolaus dropped their target price on NETSTREIT from $19.50 to $19.25 and set a “buy” rating on the stock in a report on Tuesday. Wedbush started coverage on NETSTREIT in a report on Monday, August 19th. They issued a “neutral” rating and a $17.00 price target for the company. Scotiabank dropped their price objective on shares of NETSTREIT from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Finally, UBS Group started coverage on shares of NETSTREIT in a research note on Monday, October 14th. They issued a “buy” rating and a $19.00 target price for the company. 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.11.

NETSTREIT Stock Performance

The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.55. The company has a market cap of $1.22 billion, a PE ratio of -263.71 and a beta of 0.97. The firm’s fifty day moving average is $16.27 and its 200 day moving average is $16.62.

NETSTREIT (NYSE:NTST) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.37). NETSTREIT had a negative return on equity of 0.36% and a negative net margin of 2.96%. The company had revenue of $41.44 million for the quarter, compared to analyst estimates of $41.10 million. During the same quarter last year, the company earned $0.31 EPS. As a group, research analysts predict that NETSTREIT Corp. will post 1.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NTST. Natixis Advisors LLC grew its holdings in shares of NETSTREIT by 3.7% during the third quarter. Natixis Advisors LLC now owns 26,051 shares of the company’s stock worth $431,000 after buying an additional 941 shares in the last quarter. Victory Capital Management Inc. grew its stake in NETSTREIT by 10.6% during the 3rd quarter. Victory Capital Management Inc. now owns 85,500 shares of the company’s stock valued at $1,413,000 after acquiring an additional 8,200 shares in the last quarter. Aigen Investment Management LP acquired a new stake in NETSTREIT in the 3rd quarter valued at about $546,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in NETSTREIT by 1,931.7% in the 3rd 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 in the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of NETSTREIT by 107.8% during the 3rd quarter. GSA Capital Partners LLP now owns 149,651 shares of the company’s stock worth $2,474,000 after purchasing an additional 77,647 shares during the last quarter.

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.