Broadstone Net Lease, Inc. (NYSE:BNL) Given Consensus Rating of “Hold” by Brokerages

Broadstone Net Lease, Inc. (NYSE:BNL) has been given an average rating of “Hold” by the five brokerages that are covering the firm, Marketbeat.com reports. One 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 twelve-month target price among brokerages that have issued a report on the stock in the last year is $16.75.

A number of research firms have weighed in on BNL. The Goldman Sachs Group began coverage on shares of Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective on the stock. TheStreet lowered Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Finally, Truist Financial decreased their price target on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Tuesday, February 27th.

Broadstone Net Lease Stock Down 0.7 %

Shares of BNL opened at $14.35 on Friday. The business’s fifty day moving average is $14.96 and its 200 day moving average is $15.57. Broadstone Net Lease has a 12-month low of $13.68 and a 12-month high of $17.59. The stock has a market cap of $2.69 billion, a P/E ratio of 17.49 and a beta of 1.09.

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a dividend of $0.285 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 annualized dividend and a yield of 7.95%. Broadstone Net Lease’s payout ratio is 139.03%.

Insiders Place Their Bets

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

Institutional Trading of Broadstone Net Lease

Large investors have recently modified their holdings of the company. Tritonpoint Wealth LLC bought a new position in shares of Broadstone Net Lease in the fourth quarter worth about $29,582,000. Prime Capital Investment Advisors LLC bought a new position in Broadstone Net Lease during the fourth quarter valued at $10,074,000. Invesco Ltd. lifted its stake in shares of Broadstone Net Lease by 11.9% in the 3rd quarter. Invesco Ltd. now owns 799,846 shares of the company’s stock valued at $11,438,000 after purchasing an additional 84,801 shares during the last quarter. Dark Forest Capital Management LP raised its position in Broadstone Net Lease by 254.6% in the 3rd quarter. Dark Forest Capital Management LP now owns 161,880 shares of the company’s stock worth $2,315,000 after purchasing an additional 116,225 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Broadstone Net Lease in the 3rd quarter worth about $2,989,000. 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.