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

Broadstone Net Lease, Inc. (NYSE:BNL) was the target of a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 2,800,000 shares, a decrease of 5.4% from the May 15th total of 2,960,000 shares. Based on an average daily volume of 1,230,000 shares, the short-interest ratio is currently 2.3 days. Currently, 1.5% of the shares of the stock are short sold.

Analysts Set New Price Targets

BNL has been the topic of several research reports. TheStreet cut Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. KeyCorp initiated coverage on Broadstone Net Lease in a report on Wednesday, June 12th. They set a “sector weight” rating on the stock. Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. The Goldman Sachs Group initiated coverage on shares of Broadstone Net Lease in a research note on Thursday, March 7th. They set a “sell” rating and a $14.00 price target on the stock. Finally, Truist Financial dropped their price objective on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a research note on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.75.

Hedge Funds Weigh In On Broadstone Net Lease

A number of large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position in Broadstone Net Lease by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,624,863 shares of the company’s stock valued at $37,536,000 after buying an additional 103,079 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Broadstone Net Lease by 4.3% in the third quarter. Van ECK Associates Corp now owns 22,018 shares of the company’s stock valued at $315,000 after purchasing an additional 912 shares during the period. UBS Group AG grew its stake in Broadstone Net Lease by 6.8% in the third quarter. UBS Group AG now owns 197,365 shares of the company’s stock worth $2,822,000 after purchasing an additional 12,574 shares in the last quarter. Rhumbline Advisers increased its holdings in Broadstone Net Lease by 2.1% during the 3rd quarter. Rhumbline Advisers now owns 337,046 shares of the company’s stock worth $4,820,000 after purchasing an additional 6,829 shares during the period. Finally, Invesco Ltd. raised its position in Broadstone Net Lease by 11.9% during the 3rd quarter. Invesco Ltd. now owns 799,846 shares of the company’s stock valued at $11,438,000 after purchasing an additional 84,801 shares in the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Up 0.4 %

BNL stock opened at $15.34 on Tuesday. Broadstone Net Lease has a twelve month low of $13.68 and a twelve month high of $17.59. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 15.98 and a beta of 1.10. The firm’s fifty day simple moving average is $15.04 and its two-hundred day simple moving average is $15.68.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $105.37 million for the quarter, compared to the consensus estimate of $107.76 million. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. During the same period in the prior year, the firm posted $0.34 EPS. As a group, equities research analysts expect that Broadstone Net Lease will post 1.39 EPS for the current year.

Broadstone Net Lease Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.29 per share. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.56%. The ex-dividend date of this dividend is Friday, June 28th. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 118.75%.

About Broadstone Net Lease

BNL is an industrial-focused, diversified net lease REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2023, BNL's diversified portfolio consisted of 800 individual net leased commercial properties with 793 properties located in 44 U.S.