Broadstone Net Lease (NYSE:BNL) Reaches New 1-Year Low at $18.47

Broadstone Net Lease, Inc. (NYSE:BNLGet Rating) shares reached a new 52-week low on Tuesday . The company traded as low as $18.47 and last traded at $18.52, with a volume of 1338 shares traded. The stock had previously closed at $18.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Morgan Stanley reduced their target price on shares of Broadstone Net Lease from $25.00 to $21.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 12th. The Goldman Sachs Group dropped their target price on shares of Broadstone Net Lease from $25.00 to $22.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 15th. Finally, Truist Financial upped their price objective on shares of Broadstone Net Lease to $23.00 in a report on Tuesday, September 6th.

Broadstone Net Lease Price Performance

The business’s 50 day moving average is $20.65 and its two-hundred day moving average is $20.92. The firm has a market capitalization of $3.17 billion, a PE ratio of 25.11 and a beta of 1.06.

Broadstone Net Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 5.89%. The ex-dividend date is Thursday, September 29th. Broadstone Net Lease’s dividend payout ratio is 147.95%.

Hedge Funds Weigh In On Broadstone Net Lease

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Broadstone Net Lease in the 1st quarter worth about $35,000. FMR LLC grew its stake in shares of Broadstone Net Lease by 67.8% during the 2nd quarter. FMR LLC now owns 1,903 shares of the company’s stock valued at $39,000 after purchasing an additional 769 shares during the period. Lazard Asset Management LLC grew its stake in shares of Broadstone Net Lease by 205.6% during the 2nd quarter. Lazard Asset Management LLC now owns 4,052 shares of the company’s stock valued at $83,000 after purchasing an additional 2,726 shares during the period. US Bancorp DE grew its stake in shares of Broadstone Net Lease by 1,231.1% during the 2nd quarter. US Bancorp DE now owns 6,429 shares of the company’s stock valued at $132,000 after purchasing an additional 5,946 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Broadstone Net Lease during the 1st quarter valued at about $203,000. Hedge funds and other institutional investors own 74.04% of the company’s stock.

About Broadstone Net Lease

(Get Rating)

BNL is an internally-managed 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. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting.

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