Broadstone Net Lease (NYSE:BNL) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Broadstone Net Lease (NYSE:BNLGet Rating) from a hold rating to a sell rating in a research report report published on Thursday, Zacks.com reports.

According to Zacks, “Broadstone Net Lease, Inc. is an internally-managed REIT. It acquires, owns and manages primarily single-tenant commercial real estate properties. The company’s diversified portfolio consist healthcare, restaurant, office and retail property. Broadstone Net Lease, Inc. is based in NY, United States. “

Shares of BNL stock opened at $21.97 on Thursday. Broadstone Net Lease has a 1-year low of $18.61 and a 1-year high of $28.00. The firm’s 50-day simple moving average is $21.73 and its 200-day simple moving average is $23.84. The firm has a market cap of $3.59 billion, a P/E ratio of 33.29 and a beta of 1.20.

Broadstone Net Lease (NYSE:BNLGet Rating) last released its quarterly earnings data on Monday, February 21st. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. Broadstone Net Lease had a return on equity of 3.84% and a net margin of 26.75%. During the same period in the prior year, the business posted $0.30 EPS. As a group, equities analysts expect that Broadstone Net Lease will post 1.4 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, April 15th. Investors of record on Thursday, March 31st will be issued a $0.265 dividend. The ex-dividend date of this dividend is Wednesday, March 30th. This represents a $1.06 annualized dividend and a yield of 4.82%. Broadstone Net Lease’s dividend payout ratio is presently 160.61%.

In related news, SVP Roderick Pickney sold 4,000 shares of Broadstone Net Lease stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $21.50, for a total transaction of $86,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Laurier J. Lessard, Jr. sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 10th. The stock was sold at an average price of $21.20, for a total value of $53,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.84% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. bought a new stake in shares of Broadstone Net Lease during the third quarter worth approximately $75,000. First Mercantile Trust Co. acquired a new stake in shares of Broadstone Net Lease during the third quarter worth $152,000. Van ECK Associates Corp increased its stake in shares of Broadstone Net Lease by 25.7% in the 3rd quarter. Van ECK Associates Corp now owns 7,214 shares of the company’s stock valued at $179,000 after acquiring an additional 1,475 shares in the last quarter. Bridgefront Capital LLC bought a new stake in Broadstone Net Lease during the 4th quarter valued at $203,000. Finally, Neuberger Berman Group LLC bought a new stake in shares of Broadstone Net Lease in the 3rd quarter worth $205,000. Institutional investors and hedge funds own 71.40% of the company’s stock.

Broadstone Net Lease Company Profile (Get Rating)

BNL is an internally-managed 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. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting.

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