Short Interest in Broadstone Net Lease, Inc. (NYSE:BNL) Declines By 8.9%

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

Broadstone Net Lease Price Performance

Shares of Broadstone Net Lease stock traded down $0.13 on Monday, reaching $17.07. 732,011 shares of the company traded hands, compared to its average volume of 1,160,701. The company has a 50 day moving average of $18.17 and a 200 day moving average of $17.08. Broadstone Net Lease has a 52 week low of $14.20 and a 52 week high of $19.15. The firm has a market capitalization of $3.22 billion, a PE ratio of 22.46 and a beta of 1.12.

Broadstone Net Lease (NYSE:BNL) last issued its 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). Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The business had revenue of $108.40 million for the quarter, compared to the consensus estimate of $106.47 million. During the same quarter in the prior year, the business earned $0.36 EPS. As a group, analysts anticipate that Broadstone Net Lease will post 1.39 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.80%. Broadstone Net Lease’s dividend payout ratio is 152.63%.

Hedge Funds Weigh In On Broadstone Net Lease

A number of large investors have recently bought and sold shares of the stock. Evermay Wealth Management LLC boosted its holdings in shares of Broadstone Net Lease by 1.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 48,509 shares of the company’s stock valued at $774,000 after buying an additional 579 shares in the last quarter. Xponance Inc. raised its holdings in shares of Broadstone Net Lease by 5.1% during the second quarter. Xponance Inc. now owns 11,922 shares of the company’s stock valued at $189,000 after purchasing an additional 580 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Broadstone Net Lease by 2.2% during the 3rd quarter. Cerity Partners LLC now owns 40,480 shares of the company’s stock valued at $767,000 after buying an additional 886 shares during the period. Stifel Financial Corp lifted its stake in shares of Broadstone Net Lease by 6.5% in the 3rd quarter. Stifel Financial Corp now owns 15,470 shares of the company’s stock worth $293,000 after purchasing an additional 939 shares during the period. Finally, Strategic Advocates LLC boosted its stake in shares of Broadstone Net Lease by 4.1% during the 2nd quarter. Strategic Advocates LLC now owns 24,116 shares of the company’s stock worth $383,000 after acquiring an additional 953 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BNL has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target 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. UBS Group initiated coverage on Broadstone Net Lease in a research note on Thursday. They issued a “neutral” rating and a $18.00 target price on the stock. Wedbush started coverage on Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target for the company. Finally, Truist Financial lifted their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price 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.