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

Broadstone Net Lease, Inc. (NYSE:BNL) saw a large increase in short interest in November. As of November 30th, there was short interest totalling 3,890,000 shares, an increase of 5.7% from the November 15th total of 3,680,000 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,030,000 shares, the short-interest ratio is currently 3.8 days.

Institutional Investors Weigh In On Broadstone Net Lease

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in shares of Broadstone Net Lease by 709.4% in the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after purchasing an additional 2,784,878 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Broadstone Net Lease by 2,302.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock valued at $17,040,000 after buying an additional 1,029,048 shares during the period. Brookfield Corp ON acquired a new position in Broadstone Net Lease in the third quarter valued at about $18,444,000. Wellington Management Group LLP purchased a new position in Broadstone Net Lease during the third quarter worth about $12,574,000. Finally, Systematic Financial Management LP increased its position in shares of Broadstone Net Lease by 298.1% during the third quarter. Systematic Financial Management LP now owns 747,706 shares of the company’s stock valued at $14,169,000 after acquiring an additional 559,906 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BNL. JMP Securities upgraded Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Tuesday. The Goldman Sachs Group lifted their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Friday, September 13th. UBS Group assumed coverage on shares of Broadstone Net Lease in a research report on Thursday, November 14th. They issued a “neutral” rating and a $18.00 target price for the company. Finally, Citizens Jmp upgraded shares of Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $18.67.

Broadstone Net Lease Stock Down 0.7 %

Shares of BNL opened at $16.78 on Wednesday. Broadstone Net Lease has a 52-week low of $14.20 and a 52-week high of $19.15. The stock has a fifty day simple moving average of $17.58 and a two-hundred day simple moving average of $17.35. The company has a market capitalization of $3.16 billion, a PE ratio of 22.07 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.15). The firm had revenue of $108.40 million for the quarter, compared to analyst estimates 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 previous year, the business posted $0.36 earnings per share. As a group, equities analysts anticipate that Broadstone Net Lease will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 annualized dividend and a yield of 6.92%. Broadstone Net Lease’s payout ratio is 152.63%.

Broadstone Net Lease Company Profile

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.