Broadstone Net Lease (NYSE:BNL) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Broadstone Net Lease (NYSE:BNLGet Rating) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. The firm currently has $22.00 price target on the stock.

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. “

NYSE:BNL opened at $19.06 on Wednesday. The stock’s fifty day moving average is $21.38 and its two-hundred day moving average is $23.23. Broadstone Net Lease has a 52 week low of $18.96 and a 52 week high of $28.00. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 28.45 and a beta of 1.06.

Broadstone Net Lease (NYSE:BNLGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Broadstone Net Lease had a return on equity of 3.92% and a net margin of 27.15%. During the same quarter in the previous year, the business earned $0.31 EPS. As a group, equities analysts predict that Broadstone Net Lease will post 1.45 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 5.67%. The ex-dividend date is Wednesday, June 29th. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.27. Broadstone Net Lease’s dividend payout ratio is 158.21%.

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

Hedge funds have recently bought and sold shares of the company. Morgan Stanley grew its stake in Broadstone Net Lease by 107.6% in the 2nd quarter. Morgan Stanley now owns 348,031 shares of the company’s stock worth $8,148,000 after acquiring an additional 180,357 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in Broadstone Net Lease by 87.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 28,535 shares of the company’s stock worth $708,000 after buying an additional 13,293 shares in the last quarter. Deutsche Bank AG lifted its holdings in Broadstone Net Lease by 40.7% in the 3rd quarter. Deutsche Bank AG now owns 182,996 shares of the company’s stock worth $4,540,000 after buying an additional 52,931 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Broadstone Net Lease in the 3rd quarter worth about $234,000. Finally, Mackenzie Financial Corp bought a new stake in shares of Broadstone Net Lease in the 3rd quarter worth about $216,000. Institutional investors own 78.66% of the company’s stock.

About Broadstone Net Lease (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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