Broadstone Net Lease, Inc. (NYSE:BNL) Receives Average Recommendation of “Hold” from Brokerages

Broadstone Net Lease, Inc. (NYSE:BNL) has earned a consensus recommendation of “Hold” from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $18.20.

Several analysts have recently weighed in on BNL shares. The Goldman Sachs Group raised their price objective on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, September 13th. Truist Financial lifted their price target 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. Wedbush initiated coverage on Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, UBS Group started coverage on Broadstone Net Lease in a report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price objective on the stock.

Broadstone Net Lease Stock Down 0.2 %

Shares of NYSE BNL opened at $16.90 on Friday. The stock’s 50-day simple moving average is $17.63 and its two-hundred day simple moving average is $17.30. Broadstone Net Lease has a twelve month low of $14.20 and a twelve month high of $19.15. The firm has a market capitalization of $3.19 billion, a P/E ratio of 22.24 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The company had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. During the same quarter last year, the company posted $0.36 earnings per share. As a group, research analysts anticipate that Broadstone Net Lease will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.86%. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 152.63%.

Institutional Investors Weigh In On Broadstone Net Lease

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its position in Broadstone Net Lease by 709.4% during the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after acquiring an additional 2,784,878 shares during the last quarter. Victory Capital Management Inc. boosted its stake 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 valued at $17,040,000 after purchasing an additional 1,029,048 shares during the period. Brookfield Corp ON bought a new position in shares of Broadstone Net Lease in the third quarter worth approximately $18,444,000. Wellington Management Group LLP purchased a new position in shares of Broadstone Net Lease in the third quarter worth $12,574,000. Finally, Systematic Financial Management LP raised its holdings in Broadstone Net Lease by 298.1% during the 3rd quarter. Systematic Financial Management LP now owns 747,706 shares of the company’s stock valued at $14,169,000 after buying an additional 559,906 shares during the last quarter. Institutional investors own 89.07% of the company’s stock.

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.