Broadstone Net Lease (NYSE:BNL) Hits New 52-Week High – Here’s Why

Shares of Broadstone Net Lease, Inc. (NYSE:BNL) reached a new 52-week high on Tuesday . The company traded as high as $19.61 and last traded at $19.5840, with a volume of 1052207 shares. The stock had previously closed at $19.35.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BNL shares. BTIG Research dropped their price objective on Broadstone Net Lease from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, December 5th. Citizens Jmp reaffirmed a “market outperform” rating and set a $21.00 price objective on shares of Broadstone Net Lease in a research note on Tuesday, December 2nd. Cantor Fitzgerald set a $20.00 price objective on Broadstone Net Lease in a research report on Monday, January 5th. Morgan Stanley boosted their target price on Broadstone Net Lease from $18.00 to $19.00 and gave the company a “positive” rating in a report on Monday, December 29th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Broadstone Net Lease in a report on Thursday, December 4th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Broadstone Net Lease presently has a consensus rating of “Moderate Buy” and an average price target of $19.91.

Broadstone Net Lease Stock Up 1.2%

The company has a fifty day simple moving average of $18.00 and a two-hundred day simple moving average of $17.96. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 41.67 and a beta of 1.00.

Institutional Trading of Broadstone Net Lease

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strategic Advocates LLC purchased a new position in shares of Broadstone Net Lease during the 3rd quarter worth $30,000. Blue Trust Inc. increased its position in shares of Broadstone Net Lease by 96.9% in the third quarter. Blue Trust Inc. now owns 1,790 shares of the company’s stock worth $32,000 after acquiring an additional 881 shares in the last quarter. Advisory Services Network LLC acquired a new stake in Broadstone Net Lease in the 3rd quarter valued at $61,000. EverSource Wealth Advisors LLC boosted its position in shares of Broadstone Net Lease by 80.9% in the second quarter. EverSource Wealth Advisors LLC now owns 4,261 shares of the company’s stock worth $68,000 after buying an additional 1,906 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Broadstone Net Lease by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,527 shares of the company’s stock valued at $96,000 after buying an additional 1,385 shares in the last quarter. 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.