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

Shares of Broadstone Net Lease, Inc. (NYSE:BNL) saw unusually-high trading volume on Tuesday . Approximately 1,832,982 shares traded hands during mid-day 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.

Analyst Ratings Changes

Several brokerages have issued reports on BNL. BMO Capital Markets set a $20.00 price target on Broadstone Net Lease and gave the company an “outperform” rating in a research note on Monday. JMP Securities upgraded shares of 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, December 17th. Finally, Citizens Jmp upgraded shares of Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Broadstone Net Lease currently has a consensus 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 P/E ratio of 19.62 and a beta of 1.09. The firm’s 50-day moving average price is $16.26 and its 200 day moving average price is $17.01.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.36 EPS for the quarter, topping 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 firm had revenue of $112.13 million during the quarter, compared to analyst estimates of $109.80 million. As a group, equities research analysts expect that Broadstone Net Lease, Inc. will post 1.43 EPS for the current year.

Broadstone Net Lease Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its position in shares of Broadstone Net Lease by 1.0% during the 4th quarter. State of Alaska Department of Revenue now owns 90,318 shares of the company’s stock worth $1,432,000 after buying an additional 882 shares in the last quarter. Cerity Partners LLC grew its stake in Broadstone Net Lease by 2.2% in the 3rd quarter. Cerity Partners LLC now owns 40,480 shares of the company’s stock valued at $767,000 after purchasing an additional 886 shares during the period. Rockefeller Capital Management L.P. increased its position in shares of Broadstone Net Lease by 3.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company’s stock valued at $378,000 after purchasing an additional 892 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of Broadstone Net Lease by 2.2% during the 4th quarter. Corient Private Wealth LLC now owns 41,892 shares of the company’s stock worth $664,000 after purchasing an additional 907 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Broadstone Net Lease by 23.7% in the 4th quarter. Blue Trust Inc. now owns 4,827 shares of the company’s stock worth $77,000 after buying an additional 925 shares during the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

About Broadstone Net Lease

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.