NETSTREIT (NYSE:NTST) Sees Unusually-High Trading Volume Following Dividend Announcement

Key Points

• NETSTREIT Corp. announced a new dividend of $0.215 per share, with a payment date set for September 15th, resulting in an annualized yield of 4.76%.
• Analysts have raised their price targets for NETSTREIT, with UBS and Robert W. Baird setting new target prices of $20.00 and maintaining "buy" ratings.
• After the dividend announcement, NETSTREIT saw a trading volume of 953,821 shares, slightly down from 963,224 shares in the previous session.
• Hedge funds are increasingly acquiring NETSTREIT shares, with significant increases from firms like Assetmark Inc. and GAMMA Investing LLC during the first quarter.

NETSTREIT Corp. (NYSE:NTST - Get Free Report) shares saw unusually-high trading volume on Friday following a dividend announcement from the company. Approximately 953,821 shares were traded during mid-day trading, a decline of 1% from the previous session's volume of 963,224 shares.The stock last traded at $18.10 and had previously closed at $17.99.

The newly announced 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 boost from NETSTREIT's previous quarterly dividend of $0.21. This represents a $0.86 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date of this dividend is Tuesday, September 2nd. NETSTREIT's dividend payout ratio (DPR) is -1,075.00%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NTST. Raymond James Financial reaffirmed a "strong-buy" rating on shares of NETSTREIT in a research note on Friday, May 23rd. Robert W. Baird lifted their price target on NETSTREIT from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Bank of America raised shares of NETSTREIT from an "underperform" rating to a "neutral" rating and raised their target price for the company from $18.00 to $19.00 in a research note on Monday. Wells Fargo & Company assumed coverage on NETSTREIT in a research report on Monday, April 7th. They issued an "overweight" rating and a $18.00 price target for the company. Finally, Mizuho upped their price objective on NETSTREIT from $15.00 to $17.00 and gave the company an "outperform" rating in a research report on Thursday, April 3rd. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $18.53.

NETSTREIT Stock Up 0.8%

The stock has a market cap of $1.55 billion, a PE ratio of -231.99 and a beta of 0.89. The business has a fifty day moving average of $16.77 and a 200-day moving average of $15.69. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.83 and a quick ratio of 3.83.

Institutional Trading of NETSTREIT

A number of hedge funds have recently added to or reduced their stakes in NTST. Nordea Investment Management AB increased its holdings in shares of NETSTREIT by 0.4% in the 2nd quarter. Nordea Investment Management AB now owns 476,691 shares of the company's stock valued at $7,994,000 after acquiring an additional 1,957 shares during the period. CWM LLC lifted its stake in shares of NETSTREIT by 108.0% during the second quarter. CWM LLC now owns 4,687 shares of the company's stock worth $79,000 after buying an additional 2,434 shares during the period. Aberdeen Group plc lifted its position in NETSTREIT by 13.0% during the 2nd quarter. Aberdeen Group plc now owns 24,562 shares of the company's stock worth $416,000 after acquiring an additional 2,831 shares during the period. Public Employees Retirement System of Ohio boosted its position in NETSTREIT by 1.5% in the second quarter. Public Employees Retirement System of Ohio now owns 116,403 shares of the company's stock valued at $1,971,000 after buying an additional 1,734 shares during the last quarter. Finally, Ballentine Partners LLC acquired a new stake in shares of NETSTREIT in the second quarter worth $347,000.

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.