Broadstone Net Lease (NYSE:BNL) Hits New 12-Month Low – Here’s Why

Shares of Broadstone Net Lease, Inc. (NYSE:BNL) reached a new 52-week low on Tuesday. The company traded as low as $17.11 and last traded at $17.1060, with a volume of 2,290,769 shares changing hands. The stock had previously closed at $17.22.

Wall Street Analyst Weigh In

BNL has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Broadstone Net Lease from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. BMO Capital Markets lifted their price objective on shares of Broadstone Net Lease from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. Cantor Fitzgerald boosted their target price on shares of Broadstone Net Lease from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. The Goldman Sachs Group boosted their target price on shares of Broadstone Net Lease from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Saturday, August 1st. Finally, Truist Financial raised shares of Broadstone Net Lease from a “hold” rating to a “buy” rating and lowered their price target for the company from $22.00 to $21.00 in a report on Thursday, October 1st. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.67.

Broadstone Net Lease Price Performance

The stock has a market capitalization of $3.34 billion, a PE ratio of 22.81 and a beta of 0.91. The firm has a fifty day moving average price of $19.30 and a two-hundred day moving average price of $19.86.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02). Broadstone Net Lease had a net margin of 30.61% and a return on equity of 4.83%. The business had revenue of $121.87 million for the quarter, compared to analysts’ expectations of $122.19 million. On average, research analysts expect that Broadstone Net Lease, Inc. will post 1.51 earnings per share for the current fiscal year.

Broadstone Net Lease Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a $0.2950 dividend. The ex-dividend date is Thursday, December 31st. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.2925. This represents a $1.18 dividend on an annualized basis and a dividend yield of 6.8%. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 153.95%.

Insider Activity at Broadstone Net Lease

In related news, Director Richard Imperiale purchased 5,000 shares of Broadstone Net Lease stock in a transaction that occurred on Thursday, August 20th. The shares were bought at an average price of $21.22 per share, with a total value of $106,100.00. Following the purchase, the director directly owned 26,250 shares of the company’s stock, valued at approximately $557,025. This represents a 23.53% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.02% of the company’s stock.

Institutional Investors Weigh In On Broadstone Net Lease

Several large investors have recently added to or reduced their stakes in BNL. BlackRock Inc. purchased a new position in shares of Broadstone Net Lease during the second quarter worth approximately $712,332,000. Dimensional Fund Advisors LP grew its stake in Broadstone Net Lease by 4.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,696,795 shares of the company’s stock worth $49,273,000 after purchasing an additional 103,091 shares in the last quarter. Bank of America Corp DE grew its stake in Broadstone Net Lease by 8.7% in the first quarter. Bank of America Corp DE now owns 2,231,816 shares of the company’s stock worth $40,775,000 after purchasing an additional 178,546 shares in the last quarter. Alyeska Investment Group L.P. increased its holdings in Broadstone Net Lease by 7.8% during the 2nd quarter. Alyeska Investment Group L.P. now owns 2,050,198 shares of the company’s stock worth $42,378,000 after purchasing an additional 148,533 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in Broadstone Net Lease during the 2nd quarter worth $39,745,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

About Broadstone Net Lease

Broadstone Net Lease, Inc (NYSE: BNL) is a real estate investment trust (REIT) that owns and manages a diversified portfolio of primarily single-tenant commercial properties. The company generally leases its properties under long-term, triple-net agreements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.

Broadstone’s portfolio includes properties used by healthcare providers, industrial and manufacturing companies, office-based businesses, restaurants and retail operators.