Adage Capital Partners GP L.L.C. Acquires Shares of 592,855 NETSTREIT Corp. $NTST

Key Points

• Adage Capital Partners acquired approximately 592,855 shares of NETSTREIT Corp. during the first quarter, with a total investment of around $9.4 million, representing a 0.73% ownership.
• Analysts have upgraded NETSTREIT's stock ratings, with a consensus price target now at $19.58, and upgrades from various investment firms including Bank of America, Raymond James, and UBS Group.
• NETSTREIT announced an increase in its quarterly dividend to $0.215 per share, reflecting a 4.8% yield, with the dividend payout scheduled for September 15th.

Adage Capital Partners GP L.L.C. bought a new position in shares of NETSTREIT Corp. (NYSE:NTST - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 592,855 shares of the company's stock, valued at approximately $9,397,000. Adage Capital Partners GP L.L.C. owned approximately 0.73% of NETSTREIT at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wedge Capital Management L L P NC acquired a new position in NETSTREIT during the 1st quarter worth $2,389,000. Vanguard Group Inc. grew its stake in NETSTREIT by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 8,275,681 shares of the company's stock worth $131,170,000 after purchasing an additional 315,888 shares in the last quarter. DigitalBridge Group Inc. grew its stake in NETSTREIT by 1,175.4% during the 4th quarter. DigitalBridge Group Inc. now owns 953,968 shares of the company's stock worth $13,499,000 after purchasing an additional 879,168 shares in the last quarter. New Age Alpha Advisors LLC grew its stake in NETSTREIT by 173.5% during the 1st quarter. New Age Alpha Advisors LLC now owns 170,667 shares of the company's stock worth $2,705,000 after purchasing an additional 108,274 shares in the last quarter. Finally, Swiss National Bank boosted its position in shares of NETSTREIT by 3.9% during the 1st quarter. Swiss National Bank now owns 158,100 shares of the company's stock worth $2,506,000 after acquiring an additional 5,900 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Scotiabank reaffirmed an "outperform" rating on shares of NETSTREIT in a research report on Wednesday, August 27th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $21.00 price objective on shares of NETSTREIT in a research report on Wednesday, July 30th. Mizuho upped their price objective on NETSTREIT from $17.00 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday. Robert W. Baird upped their price objective on NETSTREIT from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Bank of America raised NETSTREIT from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $18.00 to $19.00 in a research report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $19.92.

NETSTREIT Stock Performance

Shares of NYSE NTST traded down $0.01 during trading hours on Friday, reaching $18.25. The stock had a trading volume of 569,581 shares, compared to its average volume of 990,624. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -228.06, a PEG ratio of 4.19 and a beta of 0.89. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.70. NETSTREIT Corp. has a fifty-two week low of $13.42 and a fifty-two week high of $19.18. The firm has a 50-day moving average of $18.16 and a 200-day moving average of $16.63.

NETSTREIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.215 dividend. This is a boost from NETSTREIT's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.86 dividend on an annualized basis and a dividend yield of 4.7%. NETSTREIT's payout ratio is currently -1,075.00%.

Insider Activity

In other news, CEO Mark Manheimer bought 5,600 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The stock was purchased at an average cost of $17.93 per share, with a total value of $100,408.00. Following the transaction, the chief executive officer directly owned 316,378 shares in the company, valued at $5,672,657.54. This trade represents a 1.80% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.58% of the stock is currently owned by company insiders.

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.