Broadstone Net Lease, Inc. (NYSE:BNL) Sees Large Decline in Short Interest

Broadstone Net Lease, Inc. (NYSE:BNL) was the recipient of a significant decline in short interest in November. As of November 15th, there was short interest totalling 3,680,000 shares, a decline of 7.3% from the October 31st total of 3,970,000 shares. Based on an average daily trading volume, of 1,060,000 shares, the short-interest ratio is currently 3.5 days. Currently, 2.0% of the shares of the stock are sold short.

Broadstone Net Lease Trading Down 1.4 %

Shares of NYSE BNL traded down $0.24 during midday trading on Monday, reaching $17.27. 751,064 shares of the stock were exchanged, compared to its average volume of 1,152,543. The stock has a 50 day moving average price of $17.94 and a 200-day moving average price of $17.21. The company has a market capitalization of $3.26 billion, a P/E ratio of 23.04 and a beta of 1.12. Broadstone Net Lease has a 52-week low of $14.20 and a 52-week high of $19.15.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The business had revenue of $108.40 million for 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 period in the prior year, the company earned $0.36 EPS. On average, analysts forecast that Broadstone Net Lease will post 1.39 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 6.72%. The ex-dividend date of this dividend is Tuesday, December 31st. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 152.63%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on BNL shares. Wedbush started coverage on Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. UBS Group assumed coverage on shares of Broadstone Net Lease in a report on Thursday, November 14th. They set a “neutral” rating and a $18.00 target price for the company. The Goldman Sachs Group upped their price target on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, September 13th. Finally, Truist Financial raised their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.20.

Institutional Investors Weigh In On Broadstone Net Lease

A number of institutional investors have recently added to or reduced their stakes in BNL. Natixis Advisors LLC increased its position in shares of Broadstone Net Lease by 63.2% in the third quarter. Natixis Advisors LLC now owns 114,272 shares of the company’s stock worth $2,165,000 after acquiring an additional 44,264 shares in the last quarter. Legato Capital Management LLC purchased a new position in Broadstone Net Lease in the second quarter valued at about $1,404,000. Sei Investments Co. lifted its stake in shares of Broadstone Net Lease by 20.8% during the second quarter. Sei Investments Co. now owns 545,556 shares of the company’s stock worth $8,658,000 after purchasing an additional 94,092 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Broadstone Net Lease by 2,302.8% during the second quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock worth $17,040,000 after purchasing an additional 1,029,048 shares in the last quarter. Finally, Meritage Portfolio Management purchased a new stake in shares of Broadstone Net Lease in the third quarter worth about $5,610,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

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.