Broadstone Net Lease (NYSE:BNL) Upgraded to Outperform at JMP Securities

JMP Securities upgraded shares of Broadstone Net Lease (NYSE:BNL) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports. They currently have $21.00 price target on the stock.

Several other research analysts also recently commented on the stock. 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 target price on the stock. UBS Group started coverage on Broadstone Net Lease in a research note on Thursday, November 14th. They issued a “neutral” rating and a $18.00 price objective on the stock. Finally, The Goldman Sachs Group increased their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $18.67.

Broadstone Net Lease Trading Down 0.7 %

BNL stock opened at $16.78 on Tuesday. The firm has a market cap of $3.16 billion, a PE ratio of 22.07 and a beta of 1.10. Broadstone Net Lease has a 1 year low of $14.20 and a 1 year high of $19.15. The company has a fifty day simple moving average of $17.58 and a 200 day simple moving average of $17.35.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The company had revenue of $108.40 million for the quarter, compared to analyst estimates of $106.47 million. Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. During the same period in the prior year, the company posted $0.36 EPS. As a group, analysts forecast that Broadstone Net Lease will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 annualized dividend and a yield of 6.92%. Broadstone Net Lease’s dividend payout ratio is 152.63%.

Hedge Funds Weigh In On Broadstone Net Lease

Several large investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of Broadstone Net Lease by 709.4% during the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after acquiring an additional 2,784,878 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Broadstone Net Lease by 2,302.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock worth $17,040,000 after buying an additional 1,029,048 shares in the last quarter. Brookfield Corp ON bought a new position in shares of Broadstone Net Lease during the 3rd quarter worth approximately $18,444,000. Wellington Management Group LLP acquired a new stake in Broadstone Net Lease in the 3rd quarter valued at $12,574,000. Finally, Systematic Financial Management LP grew its position in Broadstone Net Lease by 298.1% in the third quarter. Systematic Financial Management LP now owns 747,706 shares of the company’s stock valued at $14,169,000 after acquiring an additional 559,906 shares during the period. Institutional investors and hedge funds 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.