Broadstone Net Lease (NYSE:BNL) Reaches New 1-Year High at $19.15

Broadstone Net Lease, Inc. (NYSE:BNL)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $19.15 and last traded at $18.87, with a volume of 939673 shares trading hands. The stock had previously closed at $18.55.

Analyst Upgrades and Downgrades

BNL has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their price objective on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday, September 13th. KeyCorp began coverage on shares of Broadstone Net Lease in a research note on Wednesday, June 12th. They issued a “sector weight” rating on the stock. Truist Financial boosted their price objective on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Finally, Wedbush began coverage on Broadstone Net Lease in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Broadstone Net Lease currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Broadstone Net Lease Trading Up 0.6 %

The firm has a fifty day moving average price of $18.02 and a 200 day moving average price of $16.29. The firm has a market cap of $3.57 billion, a PE ratio of 19.73 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last issued its earnings results on Tuesday, July 30th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The firm had revenue of $105.91 million for the quarter, compared to analysts’ expectations of $105.95 million. Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. During the same period last year, the firm earned $0.35 earnings per share. As a group, equities analysts predict that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.29 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 6.12%. Broadstone Net Lease’s dividend payout ratio is currently 120.83%.

Institutional Trading of Broadstone Net Lease

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC boosted its stake in Broadstone Net Lease by 709.4% during the second quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after buying an additional 2,784,878 shares during the period. V3 Capital Management L.P. purchased a new stake in Broadstone Net Lease in the first quarter valued at approximately $20,747,000. Lasalle Investment Management Securities LLC acquired a new position in Broadstone Net Lease during the first quarter worth $18,226,000. Victory Capital Management Inc. boosted its position in shares of Broadstone Net Lease by 2,302.8% during the second quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock worth $17,040,000 after buying an additional 1,029,048 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Broadstone Net Lease by 431.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,176,195 shares of the company’s stock valued at $18,431,000 after buying an additional 955,066 shares in the last quarter. 89.07% of the stock is currently owned by hedge funds and other 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.