Broadstone Net Lease (NYSE:BNL) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Broadstone Net Lease (NYSE:BNL) issued its quarterly earnings results on Wednesday. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01, Zacks reports. Broadstone Net Lease had a return on equity of 2.93% and a net margin of 20.04%.

Broadstone Net Lease Stock Down 1.6%

BNL traded down $0.32 on Wednesday, hitting $19.53. The company had a trading volume of 1,920,656 shares, compared to its average volume of 1,740,152. The business’s fifty day simple moving average is $18.26 and its 200 day simple moving average is $18.11. Broadstone Net Lease has a 12-month low of $13.96 and a 12-month high of $19.91. The company has a market cap of $3.70 billion, a PE ratio of 41.56 and a beta of 1.00.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Truist Financial increased their target price on Broadstone Net Lease from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Tuesday, November 25th. BTIG Research cut their price objective on shares of Broadstone Net Lease from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, December 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Broadstone Net Lease in a report on Wednesday, January 21st. Morgan Stanley upped their target price on shares of Broadstone Net Lease from $18.00 to $19.00 and gave the stock a “positive” rating in a research report on Monday, December 29th. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $21.00 price target on shares of Broadstone Net Lease in a report on Tuesday, December 2nd. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.80.

Institutional Trading of Broadstone Net Lease

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Balyasny Asset Management L.P. increased its stake in Broadstone Net Lease by 213.2% in the 2nd quarter. Balyasny Asset Management L.P. now owns 4,335,166 shares of the company’s stock worth $69,579,000 after buying an additional 2,951,207 shares during the period. Deutsche Bank AG increased its position in shares of Broadstone Net Lease by 580.4% during the fourth quarter. Deutsche Bank AG now owns 1,582,857 shares of the company’s stock worth $27,494,000 after acquiring an additional 1,350,222 shares during the period. Captrust Financial Advisors boosted its holdings in shares of Broadstone Net Lease by 346.5% in the fourth quarter. Captrust Financial Advisors now owns 973,407 shares of the company’s stock valued at $16,908,000 after purchasing an additional 755,379 shares during the period. Bank of America Corp DE increased its holdings in Broadstone Net Lease by 38.5% during the 3rd quarter. Bank of America Corp DE now owns 2,471,224 shares of the company’s stock worth $44,161,000 after purchasing an additional 686,938 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Broadstone Net Lease during the 2nd quarter valued at $8,426,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

About Broadstone Net Lease

Broadstone Net Lease, Inc (NYSE: BNL) is a publicly traded real estate investment trust focused on owning and operating single-tenant commercial properties under long-term net leases. The company specializes in acquiring properties that are leased to creditworthy tenants, allowing it to generate predictable, stable rental income while transferring most operating expenses and responsibilities to its lessees.

Broadstone Net Lease’s portfolio spans a variety of property types, including industrial facilities, distribution centers, manufacturing plants, life science and office buildings, and essential retail locations.