Broadstone Net Lease (NYSE:BNL) Reaches New 12-Month High – Time to Buy?

Broadstone Net Lease, Inc. (NYSE:BNL)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $19.87 and last traded at $19.71, with a volume of 22024 shares changing hands. The stock had previously closed at $19.64.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BNL shares. Wall Street Zen raised Broadstone Net Lease from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Morgan Stanley lifted their target price on Broadstone Net Lease from $18.00 to $19.00 and gave the company a “positive” rating in a research note on Monday, December 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Broadstone Net Lease in a research report on Wednesday, January 21st. Citizens Jmp reissued a “market outperform” rating and set a $21.00 price target on shares of Broadstone Net Lease in a report on Tuesday, December 2nd. Finally, Truist Financial lifted their price objective on shares of Broadstone Net Lease from $18.00 to $20.00 and gave the company a “hold” rating in a research note on Tuesday, November 25th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.91.

Broadstone Net Lease Stock Performance

The stock has a 50 day moving average of $18.21 and a two-hundred day moving average of $18.08. The stock has a market cap of $3.74 billion, a PE ratio of 42.03 and a beta of 1.00.

Institutional Trading of Broadstone Net Lease

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in shares of Broadstone Net Lease by 69.9% during the first quarter. Royal Bank of Canada now owns 91,943 shares of the company’s stock worth $1,566,000 after acquiring an additional 37,830 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Broadstone Net Lease by 52.8% in the first quarter. AQR Capital Management LLC now owns 25,599 shares of the company’s stock valued at $436,000 after purchasing an additional 8,848 shares during the period. Millennium Management LLC lifted its stake in shares of Broadstone Net Lease by 2.3% in the first quarter. Millennium Management LLC now owns 1,147,372 shares of the company’s stock worth $19,551,000 after buying an additional 25,944 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Broadstone Net Lease by 5.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,283,889 shares of the company’s stock worth $21,877,000 after buying an additional 70,534 shares during the period. Finally, Jane Street Group LLC grew its stake in Broadstone Net Lease by 292.3% in the 1st quarter. Jane Street Group LLC now owns 553,738 shares of the company’s stock valued at $9,436,000 after buying an additional 412,604 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

About Broadstone Net Lease

Broadstone Net Lease, Inc (NYSE: BNL) is a publicly traded real estate investment trust focused on owning and operating single-tenant commercial properties under long-term net leases. The company specializes in acquiring properties that are leased to creditworthy tenants, allowing it to generate predictable, stable rental income while transferring most operating expenses and responsibilities to its lessees.

Broadstone Net Lease’s portfolio spans a variety of property types, including industrial facilities, distribution centers, manufacturing plants, life science and office buildings, and essential retail locations.