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

Broadstone Net Lease, Inc. (NYSE:BNL) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 3,440,000 shares, an increase of 10.3% from the March 15th total of 3,120,000 shares. Based on an average trading volume of 1,320,000 shares, the days-to-cover ratio is presently 2.6 days. Currently, 1.9% of the shares of the company are sold short.

Wall Street Analyst Weigh In

BNL has been the subject of a number of research analyst reports. Truist Financial reduced their target price on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a report on Tuesday, February 27th. TheStreet lowered Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Wolfe Research reaffirmed a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Finally, The Goldman Sachs Group assumed coverage on Broadstone Net Lease in a research report on Thursday, March 7th. They set a “sell” rating and a $14.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned 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 $16.75.

Insider Activity at Broadstone Net Lease

In other news, CFO Kevin Fennell purchased 4,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was purchased at an average cost of $14.63 per share, with a total value of $58,520.00. Following the purchase, the chief financial officer now owns 63,556 shares in the company, valued at approximately $929,824.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Kevin Fennell purchased 4,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was purchased at an average cost of $14.63 per share, with a total value of $58,520.00. Following the purchase, the chief financial officer now owns 63,556 shares in the company, valued at approximately $929,824.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael A. Coke acquired 10,000 shares of Broadstone Net Lease stock in a transaction dated Monday, February 26th. The shares were bought at an average cost of $14.67 per share, with a total value of $146,700.00. Following the completion of the purchase, the director now owns 34,817 shares in the company, valued at $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadstone Net Lease

Institutional investors have recently added to or reduced their stakes in the stock. State of Wyoming acquired a new stake in Broadstone Net Lease during the second quarter valued at approximately $26,000. Lazard Asset Management LLC bought a new position in shares of Broadstone Net Lease in the second quarter valued at approximately $30,000. Principal Securities Inc. bought a new stake in Broadstone Net Lease during the 4th quarter worth approximately $32,000. Castleview Partners LLC acquired a new stake in Broadstone Net Lease during the 3rd quarter valued at $36,000. Finally, FMR LLC increased its holdings in Broadstone Net Lease by 67.8% during the 2nd quarter. FMR LLC now owns 1,903 shares of the company’s stock valued at $39,000 after purchasing an additional 769 shares in the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Broadstone Net Lease Stock Down 0.7 %

BNL stock opened at $14.36 on Wednesday. Broadstone Net Lease has a twelve month low of $13.68 and a twelve month high of $17.59. The company has a market cap of $2.70 billion, a PE ratio of 17.51 and a beta of 1.09. The business’s 50-day simple moving average is $15.12 and its 200 day simple moving average is $15.57.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a yield of 7.94%. The ex-dividend date of this dividend was Wednesday, March 27th. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 139.02%.

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.