Millennium Management LLC Sells 367,816 Shares of NETSTREIT Corp. $NTST

Key Points

• Millennium Management LLC has reduced its stake in NETSTREIT Corp. by 20.9%, now holding approximately 1.71% of the company's stock, valued at $22 million.
• The company has recently announced a quarterly dividend of $0.215 per share, up from the previous $0.21, representing an annualized yield of 4.7%.
• Analysts generally favor NETSTREIT, with several upgrades, including a strong-buy rating from Raymond James and a consensus target price of $19.92.

Millennium Management LLC cut its stake in shares of NETSTREIT Corp. (NYSE:NTST - Free Report) by 20.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,393,595 shares of the company's stock after selling 367,816 shares during the quarter. Millennium Management LLC owned 1.71% of NETSTREIT worth $22,088,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in NTST. Northern Trust Corp grew its holdings in NETSTREIT by 31.2% during the 4th quarter. Northern Trust Corp now owns 881,688 shares of the company's stock worth $12,476,000 after acquiring an additional 209,475 shares during the last quarter. Comerica Bank grew its holdings in NETSTREIT by 174.3% during the 4th quarter. Comerica Bank now owns 9,703 shares of the company's stock worth $137,000 after acquiring an additional 6,166 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in NETSTREIT by 21.5% during the 4th quarter. Ameriprise Financial Inc. now owns 44,116 shares of the company's stock worth $624,000 after acquiring an additional 7,820 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in NETSTREIT during the 4th quarter worth approximately $788,000. Finally, Lazard Asset Management LLC bought a new stake in NETSTREIT during the 4th quarter worth approximately $41,000.

NETSTREIT Stock Up 0.2%

NETSTREIT stock traded up $0.03 during mid-day trading on Thursday, reaching $18.37. The stock had a trading volume of 1,197,552 shares, compared to its average volume of 1,058,570. The firm has a market capitalization of $1.53 billion, a PE ratio of -229.63, a price-to-earnings-growth ratio of 4.21 and a beta of 0.89. NETSTREIT Corp. has a fifty-two week low of $13.42 and a fifty-two week high of $19.18. The stock's 50-day simple moving average is $18.26 and its 200-day simple moving average is $16.73. The company has a debt-to-equity ratio of 0.70, a quick ratio of 3.83 and a current ratio of 3.83.

NETSTREIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.215 per share. The ex-dividend date was Tuesday, September 2nd. This is a positive change from NETSTREIT's previous quarterly dividend of $0.21. This represents a $0.86 annualized dividend and a yield of 4.7%. NETSTREIT's dividend payout ratio is currently -1,075.00%.

Analysts Set New Price Targets

NTST has been the topic of a number of research reports. Truist Financial set a $19.00 target price on shares of NETSTREIT in a report on Friday, July 25th. Robert W. Baird boosted their price target on shares of NETSTREIT from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Wells Fargo & Company boosted their price target on shares of NETSTREIT from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 27th. Scotiabank restated an "outperform" rating on shares of NETSTREIT in a research report on Wednesday, August 27th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $21.00 price target on shares of NETSTREIT in a research report on Wednesday, July 30th. One 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 stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $19.92.

Insider Buying and Selling at NETSTREIT

In other NETSTREIT news, CEO Mark Manheimer acquired 5,600 shares of the company's stock in a transaction on Friday, September 5th. The shares were purchased at an average cost of $17.93 per share, with a total value of $100,408.00. Following the completion of the purchase, the chief executive officer owned 316,378 shares of the company's stock, valued at approximately $5,672,657.54. This represents a 1.80% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company 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.