Broadstone Net Lease (NYSE:BNL) Reaches New 1-Year High on Analyst Upgrade

Broadstone Net Lease, Inc. (NYSE:BNL)’s stock price reached a new 52-week high during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $14.50 to $16.00. The Goldman Sachs Group currently has a sell rating on the stock. Broadstone Net Lease traded as high as $18.81 and last traded at $18.70, with a volume of 33714 shares trading hands. The stock had previously closed at $18.64.

A number of other equities analysts have also recently issued reports on BNL. KeyCorp began coverage on Broadstone Net Lease in a report on Wednesday, June 12th. They set a “sector weight” rating for the company. Truist Financial upped their target price on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, Wedbush began coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BNL. Millennium Management LLC increased its position in shares of Broadstone Net Lease by 709.4% during the second quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after purchasing an additional 2,784,878 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadstone Net Lease during the fourth quarter worth about $36,180,000. V3 Capital Management L.P. acquired a new position in shares of Broadstone Net Lease during the first quarter valued at about $20,747,000. Cbre Investment Management Listed Real Assets LLC raised its position in shares of 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 valued at $49,258,000 after purchasing an additional 1,219,509 shares during the last quarter. Finally, Lasalle Investment Management Securities LLC acquired a new stake in Broadstone Net Lease in the 1st quarter worth approximately $18,226,000. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Performance

The company has a market cap of $3.51 billion, a PE ratio of 19.58 and a beta of 1.11. The firm’s 50-day simple moving average is $17.62 and its two-hundred day simple moving average is $16.01.

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

Broadstone Net Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.22%. The ex-dividend date of this dividend is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio 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.