Broadstone Net Lease (NYSE:BNL) Hits New 1-Year High Following Analyst Upgrade

Broadstone Net Lease, Inc. (NYSE:BNL) shares 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 traded. The stock had previously closed at $18.64.

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

Institutional Investors Weigh In On Broadstone Net Lease

Hedge funds have recently modified their holdings of the business. GSI Capital Advisors LLC lifted its position in shares of Broadstone Net Lease by 39.6% during the 4th quarter. GSI Capital Advisors LLC now owns 241,085 shares of the company’s stock valued at $4,151,000 after buying an additional 68,370 shares in the last quarter. Evermay Wealth Management LLC boosted its holdings in Broadstone Net Lease by 27.9% in 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 period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in 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 worth $18,431,000 after buying an additional 955,066 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in Broadstone Net Lease by 688.9% during 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 period. Finally, QRG Capital Management Inc. purchased a new position in shares of Broadstone Net Lease in the fourth quarter valued at about $232,000. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Price Performance

The business has a 50 day moving average price of $17.62 and a two-hundred day moving average price of $16.01. The stock has a market cap of $3.51 billion, a P/E ratio of 19.58 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings results on Tuesday, July 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 4.86% and a net margin of 36.78%. The business had revenue of $105.91 million during the quarter, compared to the consensus estimate of $105.95 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, research analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 yield of 6.22%. The ex-dividend date of this dividend is Monday, September 30th. Broadstone Net Lease’s payout ratio 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.