Broadstone Net Lease, Inc. (NYSE:BNL) Receives $16.75 Average Price Target from Brokerages

Broadstone Net Lease, Inc. (NYSE:BNL) has been given an average recommendation of “Hold” by the five brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $16.75.

A number of research firms have issued reports on BNL. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. The Goldman Sachs Group began coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They set a “sell” rating and a $14.00 price target for the company. TheStreet downgraded Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. Finally, 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 note on Tuesday, February 27th.

Insider Buying and Selling

In related news, Director Michael A. Coke purchased 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average price of $14.67 per share, with a total value of $146,700.00. Following the acquisition, the director now owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Kevin Fennell purchased 4,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average price of $14.63 per share, with a total value of $58,520.00. Following the acquisition, the chief financial officer now owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael A. Coke bought 10,000 shares of the stock in a transaction on Monday, February 26th. The shares were acquired at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the acquisition, the director now directly owns 34,817 shares in the company, valued at $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadstone Net Lease

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Securities Inc. bought a new stake in Broadstone Net Lease during the 4th quarter valued at $32,000. Castleview Partners LLC bought a new stake in Broadstone Net Lease during the 3rd quarter valued at $36,000. Federated Hermes Inc. bought a new stake in Broadstone Net Lease during the 4th quarter valued at $49,000. Tennessee Valley Asset Management Partners bought a new stake in Broadstone Net Lease during the 4th quarter valued at $86,000. Finally, Covestor Ltd raised its holdings in Broadstone Net Lease by 123.1% during the 3rd quarter. Covestor Ltd now owns 5,167 shares of the company’s stock valued at $74,000 after acquiring an additional 2,851 shares during the period. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Performance

BNL stock opened at $14.33 on Friday. The company has a market capitalization of $2.69 billion, a P/E ratio of 17.48 and a beta of 1.09. Broadstone Net Lease has a 52-week low of $13.68 and a 52-week high of $17.59. The business has a 50-day simple moving average of $14.90 and a two-hundred day simple moving average of $15.57.

Broadstone Net Lease Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.285 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.96%. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 139.03%.

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.