NETSTREIT Corp. (NYSE:NTST) Sees Large Decline in Short Interest

NETSTREIT Corp. (NYSE:NTST) was the target of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 5,660,000 shares, a decrease of 42.9% from the September 15th total of 9,920,000 shares. Based on an average daily trading volume, of 1,120,000 shares, the days-to-cover ratio is currently 5.1 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Raymond James upgraded shares of NETSTREIT from an “outperform” rating to a “strong-buy” rating and reduced their price target for the company from $20.00 to $19.00 in a research note on Wednesday, August 21st. Wedbush began coverage on shares of NETSTREIT in a research note on Monday, August 19th. They set a “neutral” rating and a $17.00 target price on the stock. Finally, Scotiabank dropped their price target on NETSTREIT from $18.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.88.

Hedge Funds Weigh In On NETSTREIT

A number of hedge funds have recently bought and sold shares of NTST. Long Pond Capital LP lifted its stake in NETSTREIT by 235.2% in the first quarter. Long Pond Capital LP now owns 5,967,437 shares of the company’s stock valued at $109,622,000 after buying an additional 4,187,438 shares during the period. Russell Investments Group Ltd. lifted its position in shares of NETSTREIT by 64.9% during the 1st quarter. Russell Investments Group Ltd. now owns 1,593,752 shares of the company’s stock valued at $29,277,000 after acquiring an additional 627,514 shares during the period. Vanguard Group Inc. boosted its stake in NETSTREIT by 8.3% during the first quarter. Vanguard Group Inc. now owns 7,352,295 shares of the company’s stock worth $135,062,000 after acquiring an additional 566,513 shares in the last quarter. Marshall Wace LLP grew its holdings in NETSTREIT by 42.4% in the second quarter. Marshall Wace LLP now owns 1,009,106 shares of the company’s stock worth $16,247,000 after purchasing an additional 300,481 shares during the period. Finally, Silvercrest Asset Management Group LLC increased its stake in NETSTREIT by 22.2% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,007,072 shares of the company’s stock valued at $18,500,000 after purchasing an additional 183,058 shares in the last quarter.

NETSTREIT Trading Up 0.6 %

NYSE:NTST traded up $0.10 during trading hours on Friday, hitting $15.54. 101,783 shares of the company were exchanged, compared to its average volume of 1,003,079. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 220.71 and a beta of 0.96. NETSTREIT has a one year low of $13.49 and a one year high of $18.97. The company has a fifty day simple moving average of $16.33 and a 200 day simple moving average of $16.82. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.55.

NETSTREIT (NYSE:NTST) last issued its quarterly earnings data on Monday, July 29th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.33). NETSTREIT had a return on equity of 0.39% and a net margin of 3.32%. The company had revenue of $39.57 million for the quarter, compared to the consensus estimate of $39.31 million. During the same quarter last year, the business earned $0.30 earnings per share. Sell-side analysts expect that NETSTREIT will post 1.19 EPS for the current fiscal year.

NETSTREIT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from NETSTREIT’s previous quarterly dividend of $0.21. This represents a $0.84 annualized dividend and a dividend yield of 5.41%. NETSTREIT’s dividend payout ratio is 1,200.00%.

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.