Broadstone Net Lease (NYSE:BNL) Research Coverage Started at Wedbush

Wedbush started coverage on shares of Broadstone Net Lease (NYSE:BNL) in a research note released on Monday, MarketBeat Ratings reports. The firm issued an outperform rating and a $20.00 target price on the stock.

A number of other equities research analysts have also commented on BNL. KeyCorp assumed coverage on Broadstone Net Lease in a research report on Wednesday, June 12th. They set a sector weight rating for the company. Truist Financial lifted their price objective on Broadstone Net Lease from $16.00 to $18.00 and gave the company a hold rating in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $17.60.

Broadstone Net Lease Price Performance

Shares of BNL opened at $17.95 on Monday. The stock has a market capitalization of $3.38 billion, a P/E ratio of 18.70 and a beta of 1.11. Broadstone Net Lease has a 12-month low of $13.68 and a 12-month high of $18.10. The firm’s 50 day moving average is $16.66 and its 200-day moving average is $15.66.

Broadstone Net Lease (NYSE:BNL) last issued its earnings results on Tuesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The company had revenue of $105.91 million during the quarter, compared to analyst estimates of $105.95 million. Broadstone Net Lease had a return on equity of 4.85% and a net margin of 36.78%. During the same quarter in the previous year, the firm earned $0.35 earnings per share. As a group, equities research analysts forecast that Broadstone Net Lease will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.29 per share. The ex-dividend date is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.46%. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 120.83%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BNL. Principal Securities Inc. acquired a new stake in shares of Broadstone Net Lease during the 4th quarter worth approximately $32,000. Quarry LP lifted its stake in Broadstone Net Lease by 93.1% during the second quarter. Quarry LP now owns 2,556 shares of the company’s stock worth $41,000 after purchasing an additional 1,232 shares during the period. Federated Hermes Inc. acquired a new stake in Broadstone Net Lease during the fourth quarter valued at approximately $49,000. Tennessee Valley Asset Management Partners acquired a new position in shares of Broadstone Net Lease in the 4th quarter worth approximately $86,000. Finally, Arden Trust Co bought a new position in shares of Broadstone Net Lease during the 2nd quarter worth approximately $180,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

About Broadstone Net Lease

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.