Broadstone Net Lease, Inc. (NYSE:BNL) Given Consensus Recommendation of “Hold” by Analysts

Broadstone Net Lease, Inc. (NYSE:BNL) has been assigned an average rating of “Hold” from the five research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $16.75.

A number of research firms have recently commented on BNL. Truist Financial cut their price objective on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Tuesday, February 27th. TheStreet downgraded Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Finally, The Goldman Sachs Group began coverage on Broadstone Net Lease in a report on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective on the stock.

Insider Activity at Broadstone Net Lease

In related news, Director Michael A. Coke bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were acquired at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the acquisition, the director now owns 34,817 shares in the company, valued at approximately $510,765.39. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other Broadstone Net Lease news, CFO Kevin Fennell acquired 4,000 shares of the stock in a transaction on Monday, February 26th. The stock was purchased at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the purchase, the chief financial officer now directly owns 63,556 shares in the company, valued at $929,824.28. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael A. Coke acquired 10,000 shares of the stock in a transaction on Monday, February 26th. The shares were acquired at an average price of $14.67 per share, with a total value of $146,700.00. Following the purchase, the director now owns 34,817 shares in the company, valued at $510,765.39. The disclosure for this purchase can be found here. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Broadstone Net Lease

A number of hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. grew its stake in Broadstone Net Lease by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 14,904,229 shares of the company’s stock valued at $256,651,000 after purchasing an additional 448,338 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Broadstone Net Lease by 1.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,066,020 shares of the company’s stock valued at $87,237,000 after purchasing an additional 55,833 shares in the last quarter. Cohen & Steers Inc. grew its stake in Broadstone Net Lease by 22.4% during the 4th quarter. Cohen & Steers Inc. now owns 3,752,300 shares of the company’s stock valued at $64,615,000 after purchasing an additional 686,765 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC grew its stake in Broadstone Net Lease by 74.3% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,860,534 shares of the company’s stock valued at $49,258,000 after purchasing an additional 1,219,509 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Broadstone Net Lease by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,788,999 shares of the company’s stock valued at $48,027,000 after purchasing an additional 164,136 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Broadstone Net Lease Trading Down 0.7 %

Shares of NYSE:BNL opened at $14.56 on Friday. The stock’s 50-day moving average price is $14.88 and its two-hundred day moving average price is $15.57. Broadstone Net Lease has a 12-month low of $13.68 and a 12-month high of $17.59. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 17.76 and a beta of 1.09.

Broadstone Net Lease Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a dividend of $0.285 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 annualized dividend and a dividend yield of 7.83%. Broadstone Net Lease’s payout ratio is currently 139.03%.

Broadstone Net Lease Company Profile

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.