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

Broadstone Net Lease, Inc. (NYSE:BNL) has earned an average rating of “Hold” from the six ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $18.00.

A number of brokerages recently weighed in on BNL. Wedbush began 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. Truist Financial raised their price objective on Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, August 16th. KeyCorp started coverage on Broadstone Net Lease in a research note on Wednesday, June 12th. They issued a “sector weight” rating for the company. Finally, The Goldman Sachs Group increased their price target on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, September 13th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. GSI Capital Advisors LLC raised its stake in shares of Broadstone Net Lease by 39.6% in the fourth quarter. GSI Capital Advisors LLC now owns 241,085 shares of the company’s stock worth $4,151,000 after purchasing an additional 68,370 shares during the last quarter. Evermay Wealth Management LLC raised its stake in shares of Broadstone Net Lease by 27.9% in the fourth quarter. Evermay Wealth Management LLC now owns 42,999 shares of the company’s stock worth $744,000 after purchasing an additional 9,385 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised 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 worth $18,431,000 after purchasing an additional 955,066 shares during the last quarter. Prevail Innovative Wealth Advisors LLC purchased a new position in shares of Broadstone Net Lease in the first quarter worth about $1,716,000. Finally, Cohen & Steers Inc. raised its stake in shares of Broadstone Net Lease by 22.4% in the fourth quarter. Cohen & Steers Inc. now owns 3,752,300 shares of the company’s stock worth $64,615,000 after purchasing an additional 686,765 shares during the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Broadstone Net Lease Price Performance

Shares of BNL stock opened at $18.84 on Monday. Broadstone Net Lease has a 1-year low of $13.68 and a 1-year high of $19.10. The stock’s 50-day moving average is $18.02 and its 200 day moving average is $16.27. The company has a market cap of $3.55 billion, a P/E ratio of 19.63 and a beta of 1.11.

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

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 6.16%. The ex-dividend date is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 120.83%.

About Broadstone Net Lease

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.