Broadstone Net Lease (NYSE:BNL) Reaches New 12-Month Low – Here’s What Happened

Broadstone Net Lease, Inc. (NYSE:BNL) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $13.96 and last traded at $14.45, with a volume of 530878 shares trading hands. The stock had previously closed at $14.72.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Citizens Jmp raised shares of Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 17th. JMP Securities raised Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Tuesday, December 17th. Finally, BMO Capital Markets set a $20.00 target price on Broadstone Net Lease and gave the company an “outperform” rating in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Broadstone Net Lease currently has an average rating of “Moderate Buy” and a consensus target price of $18.83.

Broadstone Net Lease Trading Up 1.0 %

The firm’s fifty day moving average price is $16.30 and its two-hundred day moving average price is $16.79. The stock has a market capitalization of $2.84 billion, a PE ratio of 17.29 and a beta of 1.03.

Broadstone Net Lease (NYSE:BNL) last posted its earnings results on Wednesday, February 19th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.16. The business had revenue of $112.13 million for the quarter, compared to analyst estimates of $109.80 million. Broadstone Net Lease had a net margin of 37.62% and a return on equity of 5.10%. As a group, sell-side analysts anticipate that Broadstone Net Lease, Inc. will post 1.43 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.29 per share. The ex-dividend date is Monday, March 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.71%. Broadstone Net Lease’s dividend payout ratio (DPR) is 133.33%.

Hedge Funds Weigh In On Broadstone Net Lease

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue boosted its holdings in Broadstone Net Lease by 1.0% in the 4th quarter. State of Alaska Department of Revenue now owns 90,318 shares of the company’s stock worth $1,432,000 after buying an additional 882 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Broadstone Net Lease by 3.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company’s stock valued at $378,000 after acquiring an additional 892 shares in the last quarter. Corient Private Wealth LLC boosted its stake in shares of Broadstone Net Lease by 2.2% in the fourth quarter. Corient Private Wealth LLC now owns 41,892 shares of the company’s stock worth $664,000 after acquiring an additional 907 shares during the last quarter. Blue Trust Inc. increased its position in shares of Broadstone Net Lease by 23.7% during the fourth quarter. Blue Trust Inc. now owns 4,827 shares of the company’s stock worth $77,000 after purchasing an additional 925 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in Broadstone Net Lease by 6.5% in the 3rd quarter. Stifel Financial Corp now owns 15,470 shares of the company’s stock valued at $293,000 after purchasing an additional 939 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

About Broadstone Net Lease

Broadstone Net Lease, Inc (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation’s operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties.