Broadstone Net Lease, Inc. (NYSE:BNL) Sees Significant Decrease in Short Interest

Broadstone Net Lease, Inc. (NYSE:BNL) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,970,000 shares, a drop of 8.9% from the October 15th total of 4,360,000 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average trading volume of 1,020,000 shares, the days-to-cover ratio is currently 3.9 days.

Broadstone Net Lease Price Performance

Broadstone Net Lease stock traded up $0.01 during mid-day trading on Tuesday, hitting $17.08. The company’s stock had a trading volume of 190,549 shares, compared to its average volume of 1,156,370. The business has a 50 day moving average price of $18.17 and a 200-day moving average price of $17.08. Broadstone Net Lease has a 12 month low of $14.20 and a 12 month high of $19.15. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 22.46 and a beta of 1.12.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15). The company had revenue of $108.40 million during the quarter, compared to analysts’ expectations of $106.47 million. Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, equities research analysts expect that Broadstone Net Lease will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 6.79%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease’s dividend payout ratio is 152.63%.

Institutional Investors Weigh In On Broadstone Net Lease

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BNL. GAMMA Investing LLC increased its position in shares of Broadstone Net Lease by 257.5% in the third quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock valued at $33,000 after acquiring an additional 1,272 shares during the period. Quarry LP raised its position in Broadstone Net Lease by 93.1% during the 2nd quarter. Quarry LP now owns 2,556 shares of the company’s stock valued at $41,000 after purchasing an additional 1,232 shares during the last quarter. Blue Trust Inc. lifted its holdings in Broadstone Net Lease by 156.5% in the 3rd quarter. Blue Trust Inc. now owns 3,902 shares of the company’s stock worth $74,000 after buying an additional 2,381 shares during the period. US Bancorp DE grew its position in shares of Broadstone Net Lease by 636.6% in the 3rd quarter. US Bancorp DE now owns 3,941 shares of the company’s stock worth $75,000 after buying an additional 3,406 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Broadstone Net Lease by 29.4% during the third quarter. KBC Group NV now owns 6,220 shares of the company’s stock valued at $118,000 after buying an additional 1,413 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BNL has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, September 13th. Truist Financial lifted their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. UBS Group initiated coverage on Broadstone Net Lease in a research note on Thursday, November 14th. They issued a “neutral” rating and a $18.00 target price on the stock. Finally, Wedbush began coverage on Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Broadstone Net Lease presently has an average rating of “Hold” and an average price target of $18.20.

About Broadstone Net Lease

Broadstone Net Lease, Inc (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation’s operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties.