Broadstone Net Lease, Inc. (NYSE:BNL) Short Interest Up 10.3% in March

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

Broadstone Net Lease Trading Down 0.7 %

BNL opened at $14.36 on Wednesday. The stock has a market cap of $2.70 billion, a PE ratio of 17.51 and a beta of 1.09. Broadstone Net Lease has a 1 year low of $13.68 and a 1 year high of $17.59. The stock’s 50 day simple moving average is $15.12 and its 200-day simple moving average is $15.57.

Broadstone Net Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders 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 dividend yield of 7.94%. The ex-dividend date was Wednesday, March 27th. Broadstone Net Lease’s dividend payout ratio is presently 139.03%.

Insider Activity at Broadstone Net Lease

In related news, CFO Kevin Fennell purchased 4,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was acquired at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the transaction, the chief financial officer now directly owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadstone Net Lease news, Director Michael A. Coke acquired 10,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was purchased at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the transaction, the director now owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin Fennell acquired 4,000 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were acquired at an average price of $14.63 per share, with a total value of $58,520.00. Following the completion of the transaction, the chief financial officer now directly owns 63,556 shares in the company, valued at approximately $929,824.28. The disclosure for this purchase can be found here. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Broadstone Net Lease

A number of institutional investors and hedge funds have recently modified their holdings of BNL. Pasadena Private Wealth LLC grew its position in Broadstone Net Lease by 12.2% in the first quarter. Pasadena Private Wealth LLC now owns 13,330 shares of the company’s stock valued at $209,000 after acquiring an additional 1,449 shares during the period. BTC Capital Management Inc. bought a new stake in Broadstone Net Lease in the first quarter valued at $2,788,000. Perpetual Ltd grew its position in Broadstone Net Lease by 76.1% in the first quarter. Perpetual Ltd now owns 84,280 shares of the company’s stock valued at $1,321,000 after acquiring an additional 36,430 shares during the period. Mather Group LLC. grew its position in Broadstone Net Lease by 86.3% in the first quarter. Mather Group LLC. now owns 36,321 shares of the company’s stock valued at $625,000 after acquiring an additional 16,821 shares during the period. Finally, Pensionfund Sabic grew its position in Broadstone Net Lease by 26.2% in the first quarter. Pensionfund Sabic now owns 77,000 shares of the company’s stock valued at $1,207,000 after acquiring an additional 16,000 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BNL. Truist Financial cut their price target on 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. The Goldman Sachs Group started coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective on the stock. TheStreet downgraded Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. Finally, Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $16.75.

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.