Broadstone Net Lease (NYSE:BNL) Sets New 1-Year High After Analyst Upgrade

Shares of Broadstone Net Lease, Inc. (NYSE:BNL) reached a new 52-week high during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $14.50 to $16.00. The Goldman Sachs Group currently has a sell rating on the stock. Broadstone Net Lease traded as high as $18.81 and last traded at $18.70, with a volume of 33714 shares. The stock had previously closed at $18.64.

A number of other brokerages also recently commented on BNL. Wedbush started coverage on Broadstone Net Lease in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective for the company. KeyCorp started coverage on Broadstone Net Lease in a research note on Wednesday, June 12th. They set a “sector weight” rating for the company. Finally, Truist Financial upped 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Broadstone Net Lease has a consensus rating of “Hold” and a consensus price target of $18.00.

Institutional Trading of Broadstone Net Lease

Several institutional investors have recently modified their holdings of BNL. Millennium Management LLC boosted its position in shares of Broadstone Net Lease by 709.4% in the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after purchasing an additional 2,784,878 shares during the period. Norges Bank acquired a new position in shares of Broadstone Net Lease in the 4th quarter valued at $36,180,000. V3 Capital Management L.P. acquired a new position in shares of Broadstone Net Lease in the 1st quarter valued at $20,747,000. Cbre Investment Management Listed Real Assets LLC boosted its position in shares of Broadstone Net Lease by 74.3% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,860,534 shares of the company’s stock valued at $49,258,000 after purchasing an additional 1,219,509 shares during the period. Finally, Lasalle Investment Management Securities LLC acquired a new position in shares of Broadstone Net Lease in the 1st quarter valued at $18,226,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

Broadstone Net Lease Trading Down 0.7 %

The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 19.36 and a beta of 1.11. The stock has a 50-day moving average of $17.67 and a two-hundred day moving average of $16.04.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings data 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 business had revenue of $105.91 million during 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 in the prior year, the company posted $0.35 earnings per share. Sell-side 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 declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.24%. The ex-dividend date is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 120.83%.

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.