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

Broadstone Net Lease, Inc. (NYSE:BNL) has been assigned an average recommendation of “Hold” from the five research firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $16.75.

BNL has been the subject of several research reports. The Goldman Sachs Group started coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 target price for the company. TheStreet lowered shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. Truist Financial lowered their price target on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a report on Tuesday, February 27th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th.

Broadstone Net Lease Trading Down 2.1 %

Shares of BNL stock opened at $15.20 on Tuesday. The firm’s fifty day simple moving average is $15.03 and its 200 day simple moving average is $15.69. Broadstone Net Lease has a 1 year low of $13.68 and a 1 year high of $17.59. The firm has a market capitalization of $2.86 billion, a P/E ratio of 15.83 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $105.37 million for the quarter, compared to the consensus estimate of $107.76 million. Broadstone Net Lease had a return on equity of 5.60% and a net margin of 42.23%. During the same period in the previous year, the business earned $0.34 earnings per share. Equities research analysts anticipate that Broadstone Net Lease will post 1.38 EPS for the current fiscal year.

Broadstone Net Lease Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 annualized dividend and a yield of 7.63%. Broadstone Net Lease’s dividend payout ratio is currently 118.75%.

Insider Activity at Broadstone Net Lease

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

Institutional Trading of Broadstone Net Lease

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Broadstone Net Lease by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 27,962,340 shares of the company’s stock worth $438,170,000 after buying an additional 178,102 shares during the period. Principal Financial Group Inc. grew its stake in shares of Broadstone Net Lease by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 14,904,229 shares of the company’s stock worth $256,651,000 after buying an additional 448,338 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Broadstone Net Lease by 1.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,066,020 shares of the company’s stock worth $87,237,000 after purchasing an additional 55,833 shares in the last quarter. Cohen & Steers Inc. grew its holdings in shares of Broadstone Net Lease by 22.4% during the fourth quarter. Cohen & Steers Inc. now owns 3,752,300 shares of the company’s stock valued at $64,615,000 after buying an additional 686,765 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its holdings in Broadstone Net Lease by 74.3% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,860,534 shares of the company’s stock worth $49,258,000 after acquiring an additional 1,219,509 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

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.