Envestnet Asset Management Inc. Raises Holdings in NETSTREIT Corp. (NYSE:NTST)

Key Points

• Envestnet Asset Management Inc. increased its stake in NETSTREIT Corp. by 12.5% during the first quarter, now holding approximately 0.21% of the company's shares valued at $2.75 million.
• NETSTREIT announced a quarterly dividend increase to $0.215, representing an annual yield of 4.69%, up from its previous dividend of $0.21.
• The stock currently has a consensus rating of "Buy" among analysts, with a target price revised upwards to $18.47.

Envestnet Asset Management Inc. lifted its holdings in NETSTREIT Corp. (NYSE:NTST - Free Report) by 12.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 173,642 shares of the company's stock after purchasing an additional 19,234 shares during the quarter. Envestnet Asset Management Inc. owned 0.21% of NETSTREIT worth $2,752,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NTST. Raymond James Financial Inc. purchased a new position in NETSTREIT during the fourth quarter worth $927,000. Envestnet Portfolio Solutions Inc. bought a new stake in shares of NETSTREIT in the fourth quarter valued at about $152,000. American Century Companies Inc. raised its holdings in shares of NETSTREIT by 3.3% in the fourth quarter. American Century Companies Inc. now owns 24,400 shares of the company's stock valued at $345,000 after acquiring an additional 781 shares in the last quarter. Sei Investments Co. raised its holdings in shares of NETSTREIT by 146.1% in the fourth quarter. Sei Investments Co. now owns 53,997 shares of the company's stock valued at $764,000 after acquiring an additional 32,060 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of NETSTREIT in the fourth quarter valued at about $260,000.

Analyst Ratings Changes

Several analysts recently weighed in on NTST shares. UBS Group lifted their price objective on NETSTREIT from $18.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Wells Fargo & Company started coverage on NETSTREIT in a report on Monday, April 7th. They issued an "overweight" rating and a $18.00 price objective for the company. Mizuho lifted their price objective on NETSTREIT from $15.00 to $17.00 and gave the company an "outperform" rating in a report on Thursday, April 3rd. Raymond James Financial restated a "strong-buy" rating and issued a $21.00 price objective on shares of NETSTREIT in a report on Wednesday. Finally, Bank of America upgraded NETSTREIT from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $18.00 to $19.00 in a report on Monday. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, NETSTREIT has an average rating of "Buy" and a consensus price target of $18.83.

NETSTREIT Stock Down 1.3%

NETSTREIT stock traded down $0.24 during trading hours on Thursday, reaching $18.24. The stock had a trading volume of 277,281 shares, compared to its average volume of 1,005,158. The company has a market cap of $1.52 billion, a price-to-earnings ratio of -228.25, a PEG ratio of 4.29 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.83 and a quick ratio of 3.83. The business's 50 day moving average price is $16.88 and its 200-day moving average price is $15.73. NETSTREIT Corp. has a 52 week low of $13.42 and a 52 week high of $18.80.

NETSTREIT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.215 per share. This is a positive change from NETSTREIT's previous quarterly dividend of $0.21. The ex-dividend date is Tuesday, September 2nd. This represents a $0.86 dividend on an annualized basis and a dividend yield of 4.71%. NETSTREIT's payout ratio is presently -1,050.00%.

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.