Broadstone Net Lease (NYSE:BNL) Upgraded at Citizens Jmp

Citizens Jmp upgraded shares of Broadstone Net Lease (NYSE:BNL) from a hold rating to a strong-buy rating in a report released on Tuesday,Zacks.com reports.

Several other research analysts also recently commented on BNL. JMP Securities raised Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Tuesday. The Goldman Sachs Group increased their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Friday, September 13th. UBS Group initiated coverage on shares of Broadstone Net Lease in a research note on Thursday, November 14th. They issued a “neutral” rating and a $18.00 price target for the company. Finally, Wedbush began coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.60.

Broadstone Net Lease Trading Down 1.9 %

Shares of BNL stock opened at $15.86 on Tuesday. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 20.87 and a beta of 1.10. The business’s 50-day moving average price is $17.49 and its 200-day moving average price is $17.34. Broadstone Net Lease has a 12 month low of $14.20 and a 12 month high of $19.15.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. The business had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. During the same quarter last year, the business earned $0.36 EPS. On average, sell-side analysts predict that Broadstone Net Lease will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 7.31%. The ex-dividend date of this dividend is Tuesday, December 31st. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 152.63%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BNL. Geode Capital Management LLC raised its stake in Broadstone Net Lease by 1.3% in the third quarter. Geode Capital Management LLC now owns 4,844,943 shares of the company’s stock valued at $91,827,000 after purchasing an additional 62,515 shares in the last quarter. Millennium Management LLC increased its holdings in Broadstone Net Lease by 709.4% during the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after purchasing an additional 2,784,878 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Broadstone Net Lease by 3.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,767,296 shares of the company’s stock worth $28,047,000 after purchasing an additional 54,885 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Broadstone Net Lease by 35.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,454,507 shares of the company’s stock worth $27,563,000 after acquiring an additional 380,772 shares during the period. Finally, Brookfield Corp ON bought a new stake in shares of Broadstone Net Lease during the third quarter valued at approximately $18,444,000. Institutional investors own 89.07% of the company’s stock.

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.