Wolfe Research Reiterates “Peer Perform” Rating for Broadstone Net Lease (NYSE:BNL)

Broadstone Net Lease (NYSE:BNL)‘s stock had its “peer perform” rating reissued by stock analysts at Wolfe Research in a research note issued on Tuesday, Marketbeat reports.

A number of other research firms have also issued reports on BNL. JPMorgan Chase & Co. raised Broadstone Net Lease from a “neutral” rating to an “overweight” rating and set a $19.00 price target on the stock in a research report on Monday, December 18th. TheStreet lowered Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. Truist Financial cut their target price on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a research report on Tuesday, February 27th. Finally, The Goldman Sachs Group began coverage on Broadstone Net Lease in a research report on Thursday, March 7th. They set a “sell” rating and a $14.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.75.

Broadstone Net Lease Price Performance

BNL stock opened at $14.69 on Tuesday. The firm has a market capitalization of $2.76 billion, a P/E ratio of 17.91 and a beta of 1.09. The business’s 50-day moving average is $15.24 and its two-hundred day moving average is $15.56. Broadstone Net Lease has a 1 year low of $13.68 and a 1 year high of $17.59.

Insider Buying and Selling at Broadstone Net Lease

In related news, CFO Kevin Fennell bought 4,000 shares of the stock in a transaction on Monday, February 26th. The shares were bought at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the purchase, the chief financial officer now owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Kevin Fennell bought 4,000 shares of the stock in a transaction on Monday, February 26th. The shares were bought at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the purchase, the chief financial officer now owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael A. Coke bought 10,000 shares of the stock in a transaction on Monday, February 26th. The stock was bought at an average price of $14.67 per share, for a total transaction of $146,700.00. Following the completion of the purchase, the director now directly owns 34,817 shares in the company, valued at approximately $510,765.39. The disclosure for this purchase can be found here. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Broadstone Net Lease

A number of institutional investors have recently modified their holdings of BNL. Bank of New York Mellon Corp boosted its stake in shares of Broadstone Net Lease by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 1,070,969 shares of the company’s stock valued at $23,327,000 after buying an additional 36,452 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Broadstone Net Lease in the first quarter valued at approximately $478,000. MetLife Investment Management LLC boosted its stake in shares of Broadstone Net Lease by 56.0% in the first quarter. MetLife Investment Management LLC now owns 84,816 shares of the company’s stock valued at $1,847,000 after buying an additional 30,458 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Broadstone Net Lease by 5.3% in the first quarter. Great West Life Assurance Co. Can now owns 140,459 shares of the company’s stock valued at $3,175,000 after buying an additional 7,051 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Broadstone Net Lease by 57.8% in the first quarter. Dimensional Fund Advisors LP now owns 35,252 shares of the company’s stock valued at $768,000 after buying an additional 12,911 shares in the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

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.