Broadstone Net Lease (NYSE:BNL) Sets New 1-Year High at $18.26

Broadstone Net Lease, Inc. (NYSE:BNL)’s stock price hit a new 52-week high on Friday . The company traded as high as $18.26 and last traded at $18.24, with a volume of 120827 shares trading hands. The stock had previously closed at $17.95.

Wall Street Analysts Forecast Growth

BNL has been the topic of several recent analyst reports. KeyCorp assumed coverage on shares of Broadstone Net Lease in a research note on Wednesday, June 12th. They set a “sector weight” rating on the stock. Truist Financial boosted their price target on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Wedbush initiated coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.60.

Broadstone Net Lease Stock Performance

The firm has a market capitalization of $3.42 billion, a P/E ratio of 18.94 and a beta of 1.11. The firm’s 50-day moving average is $16.82 and its 200 day moving average is $15.71.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.15). The firm had revenue of $105.91 million during the quarter, compared to analyst estimates of $105.95 million. Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.85%. During the same period in the prior year, the business earned $0.35 EPS. As a group, research analysts expect that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.38%. The ex-dividend date is Monday, September 30th. Broadstone Net Lease’s payout ratio is 120.83%.

Hedge Funds Weigh In On Broadstone Net Lease

Several hedge funds have recently made changes to their positions in the business. GSI Capital Advisors LLC boosted its holdings in Broadstone Net Lease by 39.6% during the fourth quarter. GSI Capital Advisors LLC now owns 241,085 shares of the company’s stock worth $4,151,000 after purchasing an additional 68,370 shares during the last quarter. Evermay Wealth Management LLC boosted its stake in shares of Broadstone Net Lease by 27.9% during the 4th quarter. Evermay Wealth Management LLC now owns 42,999 shares of the company’s stock worth $744,000 after buying an additional 9,385 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Broadstone Net Lease by 431.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,176,195 shares of the company’s stock valued at $18,431,000 after acquiring an additional 955,066 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of Broadstone Net Lease by 688.9% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 179,476 shares of the company’s stock valued at $3,091,000 after acquiring an additional 156,727 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new stake in Broadstone Net Lease during the fourth quarter worth about $232,000. 89.07% of the stock is owned by institutional investors.

Broadstone Net Lease Company Profile

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.