Broadstone Net Lease, Inc. (NYSE:BNL) Short Interest Update

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

Institutional Investors Weigh In On Broadstone Net Lease

Several large investors have recently bought and sold shares of BNL. Geode Capital Management LLC boosted its holdings in shares of Broadstone Net Lease by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,844,943 shares of the company’s stock valued at $91,827,000 after acquiring an additional 62,515 shares during the last quarter. Barclays PLC boosted its holdings in Broadstone Net Lease by 131.1% in the third quarter. Barclays PLC now owns 318,142 shares of the company’s stock worth $6,028,000 after purchasing an additional 180,456 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Broadstone Net Lease by 0.9% in the third quarter. Public Employees Retirement System of Ohio now owns 270,542 shares of the company’s stock worth $5,127,000 after purchasing an additional 2,387 shares during the last quarter. XTX Topco Ltd bought a new stake in Broadstone Net Lease in the 3rd quarter worth approximately $348,000. Finally, Zimmer Partners LP purchased a new stake in Broadstone Net Lease during the 3rd quarter valued at $948,000. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Price Performance

BNL stock traded up $0.01 during trading on Tuesday, hitting $17.08. 190,549 shares of the stock traded hands, compared to its average volume of 1,156,370. 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 has a 1 year low of $14.20 and a 1 year high of $19.15. The firm’s 50 day moving average is $18.17 and its two-hundred day moving average is $17.08.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. The firm had revenue of $108.40 million for the quarter, compared to analysts’ expectations of $106.47 million. During the same quarter in the previous year, the company earned $0.36 EPS. As a group, analysts anticipate that Broadstone Net Lease will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BNL. Wedbush initiated coverage on Broadstone Net Lease in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price for the company. Truist Financial upped their target price on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. UBS Group started coverage on shares of Broadstone Net Lease in a research report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price target for the company. Finally, The Goldman Sachs Group upped their price objective on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus 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.