Broadstone Net Lease (NYSE:BNL) Stock Gets Price Target Trim from The Goldman Sachs Group

Broadstone Net Lease (NYSE:BNL) had its price objective cut by The Goldman Sachs Group from $26.00 to $23.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also commented on the stock. Wall Street Zen lowered shares of Broadstone Net Lease from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Truist Financial upgraded shares of Broadstone Net Lease from a “hold” rating to a “buy” rating and cut their price objective for the stock from $22.00 to $21.00 in a research report on Thursday, October 1st. KeyCorp reaffirmed an “overweight” rating on shares of Broadstone Net Lease in a research report on Tuesday, September 15th. Cantor Fitzgerald lowered their target price on Broadstone Net Lease from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Friday, October 30th. Finally, Weiss Ratings cut Broadstone Net Lease from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.00.

Broadstone Net Lease Trading Up 0.1%

BNL opened at $18.00 on Monday. The stock’s fifty day simple moving average is $18.94 and its 200 day simple moving average is $19.84. Broadstone Net Lease has a 1-year low of $16.70 and a 1-year high of $23.10. The stock has a market cap of $3.45 billion, a PE ratio of 23.69 and a beta of 0.91.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings data on Wednesday, October 28th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02). Broadstone Net Lease had a return on equity of 4.86% and a net margin of 30.26%. The company had revenue of $121.87 million for the quarter, compared to the consensus estimate of $122.19 million. Equities analysts forecast that Broadstone Net Lease will post 1.51 earnings per share for the current year.

Broadstone Net Lease Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be given a dividend of $0.2950 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date is Thursday, December 31st. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.2925. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 153.95%.

Insider Activity

In other Broadstone Net Lease news, Director Richard Imperiale bought 5,000 shares of the stock in a transaction dated Thursday, August 20th. The shares were bought at an average cost of $21.22 per share, with a total value of $106,100.00. Following the completion of the acquisition, the director owned 26,250 shares of the company’s stock, valued at $557,025. This trade represents a 23.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 1.02% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadstone Net Lease

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Broadstone Net Lease during the 2nd quarter worth $712,332,000. Dimensional Fund Advisors LP lifted its position in shares of Broadstone Net Lease by 4.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,696,795 shares of the company’s stock worth $49,273,000 after buying an additional 103,091 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in shares of 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 buying an additional 148,533 shares during the last quarter. Bank of America Corp DE boosted 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 valued at $40,775,000 after buying an additional 178,546 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Broadstone Net Lease in the second quarter valued at about $39,745,000. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Company Profile

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.