Broadstone Net Lease (NYSE:BNL) Sees Unusually-High Trading Volume – Here’s What Happened

Broadstone Net Lease, Inc. (NYSE:BNL) saw unusually-strong trading volume on Tuesday . Approximately 1,832,982 shares changed hands during trading, an increase of 73% from the previous session’s volume of 1,058,968 shares.The stock last traded at $16.94 and had previously closed at $17.20.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BNL. Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. BMO Capital Markets set a $20.00 price target on Broadstone Net Lease and gave the company an “outperform” rating in a research report on Monday. Finally, JMP Securities raised Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Tuesday, December 17th. 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 issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $18.83.

Broadstone Net Lease Stock Down 0.5 %

The company has a market capitalization of $3.22 billion, a PE ratio of 19.62 and a beta of 1.09. The company has a 50-day moving average price of $16.26 and a two-hundred day moving average price of $17.01.

Broadstone Net Lease (NYSE:BNL) last posted its earnings results on Wednesday, February 19th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.16. Broadstone Net Lease had a return on equity of 5.10% and a net margin of 37.62%. The business had revenue of $112.13 million during the quarter, compared to analyst estimates of $109.80 million. As a group, equities analysts anticipate that Broadstone Net Lease, Inc. will post 1.43 EPS for the current fiscal year.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.80%. The ex-dividend date of this dividend is Monday, March 31st. Broadstone Net Lease’s dividend payout ratio is presently 133.33%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. boosted its stake in Broadstone Net Lease by 73,833.3% during the fourth quarter. Federated Hermes Inc. now owns 2,218 shares of the company’s stock valued at $35,000 after buying an additional 2,215 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Broadstone Net Lease by 139.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,735 shares of the company’s stock valued at $43,000 after acquiring an additional 1,592 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Broadstone Net Lease by 192.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,914 shares of the company’s stock valued at $46,000 after acquiring an additional 1,918 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Broadstone Net Lease during the 4th quarter valued at about $54,000. Finally, Quarry LP purchased a new position in shares of Broadstone Net Lease during the fourth quarter worth about $57,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

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.