Broadstone Net Lease’s (BNL) Buy Rating Reaffirmed at BTIG Research

BTIG Research reissued their buy rating on shares of Broadstone Net Lease (NYSE:BNL) in a research note published on Wednesday morning,Benzinga reports. BTIG Research currently has a $22.00 price objective on the stock.

A number of other brokerages have also recently weighed in on BNL. UBS Group upped their price objective on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, August 15th. Cantor Fitzgerald began coverage on Broadstone Net Lease in a research note on Wednesday. They issued an “overweight” rating and a $21.00 price target on the stock. KeyCorp upgraded Broadstone Net Lease from a “sector weight” rating to an “overweight” rating and set a $20.00 price objective for the company in a research note on Tuesday, August 19th. JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Broadstone Net Lease in a research note on Monday. Finally, Wall Street Zen downgraded Broadstone Net Lease from a “hold” rating to a “sell” rating in a report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.89.

Broadstone Net Lease Price Performance

NYSE:BNL opened at $18.39 on Wednesday. The firm’s 50-day moving average price is $17.64 and its 200-day moving average price is $16.64. The company has a market capitalization of $3.48 billion, a PE ratio of 35.36 and a beta of 1.00. Broadstone Net Lease has a 1-year low of $13.96 and a 1-year high of $18.85.

Broadstone Net Lease Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.29 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 6.3%. Broadstone Net Lease’s payout ratio is currently 223.08%.

Institutional Investors Weigh In On Broadstone Net Lease

Several institutional investors have recently modified their holdings of the business. Balyasny Asset Management L.P. raised its position in Broadstone Net Lease by 213.2% in the 2nd quarter. Balyasny Asset Management L.P. now owns 4,335,166 shares of the company’s stock worth $69,579,000 after buying an additional 2,951,207 shares during the last quarter. Norges Bank purchased a new position in shares of Broadstone Net Lease during the second quarter valued at approximately $39,554,000. Nuveen LLC bought a new position in Broadstone Net Lease during the first quarter valued at approximately $28,127,000. Boston Partners boosted its holdings in Broadstone Net Lease by 339.0% in the second quarter. Boston Partners now owns 2,079,251 shares of the company’s stock worth $33,372,000 after purchasing an additional 1,605,603 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. bought a new stake in Broadstone Net Lease in the 1st quarter worth approximately $11,646,000. 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.