Comerica Bank Acquires 28,021 Shares of NETSTREIT Corp. $NTST

Key Points

• Comerica Bank increased its stake in NETSTREIT Corp. by 288.8% during the first quarter, owning a total of 37,724 shares worth approximately $598,000.
• NETSTREIT announced a quarterly dividend of $0.215 per share, up from the previous $0.21, representing an annual yield of 4.8%.
• Analysts have a positive outlook on NETSTREIT, with a consensus rating of Buy and an average target price of $19.58.

Comerica Bank lifted its stake in shares of NETSTREIT Corp. (NYSE:NTST - Free Report) by 288.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 37,724 shares of the company's stock after buying an additional 28,021 shares during the quarter. Comerica Bank's holdings in NETSTREIT were worth $598,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Hohimer Wealth Management LLC lifted its stake in shares of NETSTREIT by 6.2% during the 1st quarter. Hohimer Wealth Management LLC now owns 11,538 shares of the company's stock worth $183,000 after buying an additional 677 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of NETSTREIT by 4.2% during the 1st quarter. Arizona State Retirement System now owns 23,401 shares of the company's stock worth $371,000 after buying an additional 945 shares during the last quarter. CWM LLC lifted its stake in shares of NETSTREIT by 78.2% during the 1st quarter. CWM LLC now owns 2,253 shares of the company's stock worth $36,000 after buying an additional 989 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of NETSTREIT by 4.4% during the 1st quarter. American Century Companies Inc. now owns 25,465 shares of the company's stock worth $404,000 after buying an additional 1,065 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of NETSTREIT by 1.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 77,943 shares of the company's stock worth $1,235,000 after buying an additional 1,115 shares during the last quarter.

NETSTREIT Price Performance

Shares of NETSTREIT stock traded down $0.01 during midday trading on Friday, hitting $18.25. 569,581 shares of the company traded hands, compared to its average volume of 990,624. The stock 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 debt-to-equity ratio of 0.70, a quick ratio of 3.83 and a current ratio of 3.83. The firm's fifty day moving average price is $18.16 and its 200-day moving average price is $16.63. NETSTREIT Corp. has a 12 month low of $13.42 and a 12 month high of $19.18.

NETSTREIT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.215 per share. 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 annualized dividend and a dividend yield of 4.7%. NETSTREIT's payout ratio is presently -1,075.00%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Bank of America upgraded shares of NETSTREIT from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $18.00 to $19.00 in a research note on Monday, July 28th. Wells Fargo & Company lifted their price objective on shares of NETSTREIT from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 27th. Raymond James Financial reiterated a "strong-buy" rating and issued a $21.00 price objective on shares of NETSTREIT in a research note on Wednesday, July 30th. UBS Group lifted their price objective on shares of NETSTREIT from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. Finally, Scotiabank reiterated an "outperform" rating on shares of NETSTREIT in a research note on Wednesday, August 27th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, NETSTREIT has a consensus rating of "Buy" and a consensus target price of $19.92.

Insider Buying and Selling

In other news, CEO Mark Manheimer bought 5,600 shares of the company's stock in a transaction on Friday, September 5th. The stock was purchased at an average cost of $17.93 per share, for a total transaction of $100,408.00. Following the completion of the transaction, the chief executive officer owned 316,378 shares of the company's stock, valued at $5,672,657.54. This trade represents a 1.80% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.58% 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.