Broadstone Net Lease (NYSE:BNL) Sets New 52-Week High at $18.26

Broadstone Net Lease, Inc. (NYSE:BNL)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $18.26 and last traded at $18.24, with a volume of 120827 shares. The stock had previously closed at $17.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BNL shares. Wedbush assumed coverage on shares of Broadstone Net Lease in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. Truist Financial increased their target price on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, KeyCorp initiated coverage on shares of Broadstone Net Lease in a research report on Wednesday, June 12th. They issued a “sector weight” rating on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Broadstone Net Lease has an average rating of “Hold” and a consensus price target of $17.60.

Broadstone Net Lease Price Performance

The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 18.94 and a beta of 1.11. The stock’s fifty day moving average price is $16.82 and its 200-day moving average price is $15.71.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Tuesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.85%. The firm had revenue of $105.91 million for the quarter, compared to analyst estimates of $105.95 million. During the same period last year, the firm earned $0.35 earnings per share. As a group, equities research analysts predict that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.29 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.38%. Broadstone Net Lease’s dividend payout ratio is 120.83%.

Institutional Trading of Broadstone Net Lease

Several institutional investors have recently made changes to their positions in the stock. Millennium Management LLC lifted its position in Broadstone Net Lease by 709.4% in the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after buying an additional 2,784,878 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadstone Net Lease during the fourth quarter worth $36,180,000. V3 Capital Management L.P. acquired a new stake in Broadstone Net Lease during the first quarter valued at $20,747,000. Cbre Investment Management Listed Real Assets LLC grew its stake in Broadstone Net Lease by 74.3% in the fourth 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, Lasalle Investment Management Securities LLC purchased a new position in Broadstone Net Lease in the first quarter valued at about $18,226,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

About Broadstone Net Lease

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.