Broadstone Net Lease (NYSE:BNL) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Broadstone Net Lease (NYSE:BNL) from a hold rating to a sell rating in a report released on Saturday morning,Wall Street Zen reports.

BNL has been the topic of several other reports. BMO Capital Markets increased their price target on Broadstone Net Lease from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Truist Financial raised Broadstone Net Lease from a “hold” rating to a “buy” rating and decreased their price objective for the company from $22.00 to $21.00 in a report on Thursday, October 1st. Weiss Ratings cut Broadstone Net Lease from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. KeyCorp restated an “overweight” rating on shares of Broadstone Net Lease in a research note on Tuesday, September 15th. Finally, Cantor Fitzgerald lowered their target price on Broadstone Net Lease from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Friday. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Broadstone Net Lease presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Broadstone Net Lease Price Performance

BNL stock opened at $17.64 on Friday. The company has a market capitalization of $3.38 billion, a P/E ratio of 23.21 and a beta of 0.91. Broadstone Net Lease has a 12 month low of $16.70 and a 12 month high of $23.10. The firm’s fifty day simple moving average is $19.07 and its 200-day simple moving average is $19.85.

Broadstone Net Lease (NYSE:BNL) last issued its earnings results on Wednesday, October 28th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.02). The business had revenue of $121.87 million for the quarter, compared to analysts’ expectations of $122.19 million. Broadstone Net Lease had a return on equity of 4.85% and a net margin of 30.26%. As a group, sell-side analysts forecast that Broadstone Net Lease will post 1.51 earnings per share for the current year.

Broadstone Net Lease Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be paid a $0.2950 dividend. The ex-dividend date is Thursday, December 31st. This represents a $1.18 annualized dividend and a dividend yield of 6.7%. This is an increase from Broadstone Net Lease’s previous quarterly dividend of $0.2925. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 153.95%.

Insider Activity

In other news, Director Richard Imperiale purchased 5,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were purchased at an average cost of $21.22 per share, with a total value of $106,100.00. Following the completion of the acquisition, the director owned 26,250 shares of the company’s stock, valued at approximately $557,025. This represents a 23.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.02% of the stock is currently owned by corporate insiders.

Institutional Trading of Broadstone Net Lease

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP acquired a new stake in shares of Broadstone Net Lease in the second quarter valued at about $34,000. Signature Equity Partners LLC increased its stake in shares of Broadstone Net Lease by 3,743.4% during the third quarter. Signature Equity Partners LLC now owns 2,037 shares of the company’s stock worth $38,000 after purchasing an additional 1,984 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Broadstone Net Lease during the second quarter worth about $74,000. Nykredit A S acquired a new position in shares of Broadstone Net Lease during the 2nd quarter worth about $91,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Broadstone Net Lease by 33.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,075 shares of the company’s stock worth $129,000 after purchasing an additional 1,788 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Broadstone Net Lease Company Profile

Broadstone Net Lease, Inc (NYSE: BNL) is a real estate investment trust (REIT) that owns and manages a diversified portfolio of primarily single-tenant commercial properties. The company generally leases its properties under long-term, triple-net agreements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.

Broadstone’s portfolio includes properties used by healthcare providers, industrial and manufacturing companies, office-based businesses, restaurants and retail operators.