Broadstone Net Lease (NYSE:BNL) Upgraded by KeyCorp to Overweight Rating

KeyCorp upgraded shares of Broadstone Net Lease (NYSE:BNL) from a sector weight rating to an overweight rating in a research report report published on Tuesday morning, MarketBeat reports. The firm currently has $20.00 target price on the stock.

Several other research analysts also recently issued reports on BNL. UBS Group upped their target price on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, August 15th. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Broadstone Net Lease in a research report on Monday, June 2nd. Wall Street Zen upgraded shares of Broadstone Net Lease from a “sell” rating to a “hold” rating in a research report on Sunday, August 3rd. Wolfe Research upgraded shares of Broadstone Net Lease from a “peer perform” rating to an “outperform” rating and set a $19.00 price objective on the stock in a research report on Monday, July 28th. Finally, Truist Financial increased their price objective on shares of Broadstone Net Lease from $17.00 to $18.00 and gave the company a “hold” rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.71.

Broadstone Net Lease Stock Performance

Shares of NYSE BNL opened at $17.0850 on Tuesday. The firm’s 50 day moving average price is $16.25 and its 200-day moving average price is $16.18. The company has a market cap of $3.23 billion, a PE ratio of 32.86 and a beta of 1.00. Broadstone Net Lease has a 52-week low of $13.96 and a 52-week high of $19.15.

Broadstone Net Lease Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date of this dividend is Tuesday, September 30th. Broadstone Net Lease’s dividend payout ratio is currently 223.08%.

Institutional Trading of Broadstone Net Lease

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BNL. Wells Fargo & Company MN increased its holdings in Broadstone Net Lease by 10.4% during the fourth quarter. Wells Fargo & Company MN now owns 220,889 shares of the company’s stock valued at $3,503,000 after buying an additional 20,814 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Broadstone Net Lease by 404.8% during the fourth quarter. Renaissance Technologies LLC now owns 244,300 shares of the company’s stock valued at $3,875,000 after buying an additional 195,900 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Broadstone Net Lease during the fourth quarter valued at approximately $4,791,000. Sterling Capital Management LLC increased its holdings in Broadstone Net Lease by 807.5% during the fourth quarter. Sterling Capital Management LLC now owns 5,944 shares of the company’s stock valued at $94,000 after buying an additional 5,289 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in Broadstone Net Lease by 3.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company’s stock valued at $378,000 after buying an additional 892 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Broadstone Net Lease Company Profile

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.