Broadstone Net Lease (NYSE:BNL) PT Raised to $16.00 at The Goldman Sachs Group

Broadstone Net Lease (NYSE:BNL) had its price objective upped by The Goldman Sachs Group from $14.50 to $16.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price suggests a potential downside of 14.16% from the company’s previous close.

Several other equities analysts have also issued reports on BNL. Truist Financial boosted their target price on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. KeyCorp began coverage on shares of Broadstone Net Lease in a report on Wednesday, June 12th. They set a “sector weight” rating on the stock. Finally, Wedbush initiated coverage on Broadstone Net Lease in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Broadstone Net Lease currently has a consensus rating of “Hold” and an average price target of $18.00.

Broadstone Net Lease Stock Up 1.9 %

NYSE BNL opened at $18.64 on Friday. Broadstone Net Lease has a twelve month low of $13.68 and a twelve month high of $18.72. The stock has a market cap of $3.51 billion, a P/E ratio of 19.42 and a beta of 1.11. The company’s 50-day simple moving average is $17.62 and its 200 day simple moving average is $16.01.

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

Institutional Trading of Broadstone Net Lease

A number of institutional investors and hedge funds have recently modified their holdings of BNL. Principal Securities Inc. purchased a new position in Broadstone Net Lease during the 4th quarter valued at about $32,000. Quarry LP grew its position in Broadstone Net Lease by 93.1% in the second quarter. Quarry LP now owns 2,556 shares of the company’s stock worth $41,000 after acquiring an additional 1,232 shares in the last quarter. Arden Trust Co bought a new position in Broadstone Net Lease in the second quarter valued at $180,000. Xponance Inc. lifted its position in Broadstone Net Lease by 5.1% in the 2nd quarter. Xponance Inc. now owns 11,922 shares of the company’s stock worth $189,000 after buying an additional 580 shares during the last quarter. Finally, Versor Investments LP bought a new position in shares of Broadstone Net Lease during the 2nd quarter valued at $205,000. 89.07% of the stock is 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.