Broadstone Net Lease (NYSE:BNL) Upgraded to “Buy” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Broadstone Net Lease (NYSE:BNL) from a sell rating to a buy rating in a research report released on Thursday morning, Marketbeat.com reports. The Goldman Sachs Group currently has $21.00 price target on the stock.

A number of other analysts also recently commented on BNL. Wall Street Zen upgraded Broadstone Net Lease from a “sell” rating to a “hold” rating in a research report on Sunday, August 3rd. Wolfe Research upgraded Broadstone Net Lease from a “peer perform” rating to an “outperform” rating and set a $19.00 target price for the company in a research report on Monday, July 28th. Truist Financial raised their target price on Broadstone Net Lease from $17.00 to $18.00 and gave the stock a “hold” rating in a research report on Monday, May 5th. UBS Group raised their target price on Broadstone Net Lease from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, August 15th. Finally, KeyCorp upgraded Broadstone Net Lease from a “sector weight” rating to an “overweight” rating and set a $20.00 target price for the company in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Broadstone Net Lease currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.43.

Broadstone Net Lease Trading Up 2.4%

Shares of BNL stock opened at $17.8060 on Thursday. The stock has a 50 day moving average of $16.30 and a two-hundred day moving average of $16.20. Broadstone Net Lease has a 12 month low of $13.96 and a 12 month high of $19.15. The company has a market capitalization of $3.37 billion, a P/E ratio of 34.24 and a beta of 1.00.

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 6.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 223.08%.

Institutional Investors Weigh In On Broadstone Net Lease

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Evermay Wealth Management LLC increased its stake in shares of Broadstone Net Lease by 1.4% in the 2nd quarter. Evermay Wealth Management LLC now owns 47,560 shares of the company’s stock valued at $766,000 after buying an additional 656 shares during the period. American Century Companies Inc. increased its stake in shares of Broadstone Net Lease by 0.9% in the 2nd quarter. American Century Companies Inc. now owns 77,865 shares of the company’s stock valued at $1,250,000 after buying an additional 664 shares during the period. Ritholtz Wealth Management increased its stake in shares of Broadstone Net Lease by 2.8% in the 1st quarter. Ritholtz Wealth Management now owns 24,939 shares of the company’s stock valued at $425,000 after buying an additional 673 shares during the period. Xponance Inc. increased its stake in shares of Broadstone Net Lease by 5.3% in the 1st quarter. Xponance Inc. now owns 14,298 shares of the company’s stock valued at $244,000 after buying an additional 721 shares during the period. Finally, Lazard Asset Management LLC increased its stake in shares of Broadstone Net Lease by 0.9% in the 2nd quarter. Lazard Asset Management LLC now owns 89,265 shares of the company’s stock valued at $1,432,000 after buying an additional 768 shares during the period. 89.07% of the stock is owned by institutional investors and hedge funds.

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.