Broadstone Net Lease, Inc. (NYSE:BNL) Given Consensus Rating of “Hold” by Analysts

Broadstone Net Lease, Inc. (NYSE:BNL) has earned a consensus rating of “Hold” from the five research firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $16.75.

BNL has been the subject of a number of recent analyst reports. TheStreet cut Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. The Goldman Sachs Group began coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 target price for the company. Finally, Truist Financial lowered their target price on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a research note on Tuesday, February 27th.

Insider Transactions at Broadstone Net Lease

In related news, CFO Kevin Fennell purchased 4,000 shares of Broadstone Net Lease stock in a transaction dated Monday, February 26th. The shares were acquired at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the transaction, the chief financial officer now directly owns 63,556 shares of the company’s stock, valued at $929,824.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Broadstone Net Lease news, Director Michael A. Coke bought 10,000 shares of Broadstone Net Lease stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the completion of the acquisition, the director now owns 34,817 shares in the company, valued at approximately $510,765.39. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kevin Fennell bought 4,000 shares of Broadstone Net Lease stock in a transaction on Monday, February 26th. The shares were acquired at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the acquisition, the chief financial officer now owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The disclosure for this purchase can be found here. 0.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BNL. Norges Bank acquired a new stake in shares of Broadstone Net Lease in the 4th quarter valued at about $36,180,000. Tritonpoint Wealth LLC acquired a new stake in shares of Broadstone Net Lease in the 4th quarter valued at about $29,582,000. Cbre Investment Management Listed Real Assets LLC raised its stake in shares of Broadstone Net Lease by 74.3% in the 4th 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 during the period. Aew Capital Management L P raised its stake in shares of Broadstone Net Lease by 143.0% in the 3rd quarter. Aew Capital Management L P now owns 2,050,890 shares of the company’s stock valued at $29,328,000 after purchasing an additional 1,206,830 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Broadstone Net Lease by 431.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,176,195 shares of the company’s stock valued at $18,431,000 after purchasing an additional 955,066 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Price Performance

BNL stock opened at $14.56 on Friday. The business has a fifty day moving average price of $14.88 and a 200 day moving average price of $15.57. Broadstone Net Lease has a fifty-two week low of $13.68 and a fifty-two week high of $17.59. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of 17.76 and a beta of 1.09.

Broadstone Net Lease Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a $0.285 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 annualized dividend and a dividend yield of 7.83%. Broadstone Net Lease’s dividend payout ratio is currently 139.03%.

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.