NETSTREIT (NYSE:NTST) Updates FY24 Earnings Guidance

NETSTREIT (NYSE:NTST) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $1.25-1.28 for the period, compared to the consensus EPS estimate of $1.22. NETSTREIT also updated its FY 2024 guidance to 1.250-1.280 EPS.

NETSTREIT Stock Down 0.2 %

NETSTREIT stock traded down $0.03 during mid-day trading on Wednesday, hitting $16.84. The company had a trading volume of 88,377 shares, compared to its average volume of 937,290. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 187.47, a PEG ratio of 10.26 and a beta of 0.97. NETSTREIT has a 1 year low of $13.49 and a 1 year high of $18.97. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average of $16.82 and a 200 day moving average of $17.28.

NETSTREIT (NYSE:NTST) last announced its quarterly earnings results on Monday, July 29th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.30 by ($0.33). The company had revenue of $39.57 million during the quarter, compared to analysts’ expectations of $39.31 million. NETSTREIT had a net margin of 3.32% and a return on equity of 0.39%. During the same quarter in the prior year, the company earned $0.30 earnings per share. On average, sell-side analysts expect that NETSTREIT will post 1.18 earnings per share for the current fiscal year.

NETSTREIT Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a positive change from NETSTREIT’s previous quarterly dividend of $0.21. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.99%. NETSTREIT’s dividend payout ratio (DPR) is 911.21%.

Analyst Ratings Changes

Separately, Scotiabank raised their target price on shares of NETSTREIT from $17.00 to $18.00 and gave the stock a sector perform rating in a research report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $18.09.

Insider Activity at NETSTREIT

In related news, Director Todd Minnis sold 6,250 shares of NETSTREIT stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $17.86, for a total value of $111,625.00. Following the transaction, the director now directly owns 10,359 shares in the company, valued at approximately $185,011.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.46% of the stock is currently owned by insiders.

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.