Broadstone Net Lease (NYSE:BNL) Stock Price Target Cut by Cantor Fitzgerald

Broadstone Net Lease (NYSE:BNL) had its price target dropped by equities researchers at Cantor Fitzgerald from $24.00 to $21.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald‘s price target would suggest a potential upside of 20.65% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. KeyCorp reissued an “overweight” rating on shares of Broadstone Net Lease in a research note on Tuesday, September 15th. BMO Capital Markets boosted their price target on shares of Broadstone Net Lease from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, July 10th. Truist Financial raised shares of Broadstone Net Lease from a “hold” rating to a “buy” rating and dropped their price target for the stock from $22.00 to $21.00 in a research note on Thursday, October 1st. The Goldman Sachs Group increased their price objective on Broadstone Net Lease from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Saturday, August 1st. Finally, Weiss Ratings lowered Broadstone Net Lease from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.33.

Broadstone Net Lease Stock Performance

BNL stock opened at $17.41 on Friday. The stock has a market cap of $3.34 billion, a P/E ratio of 22.90 and a beta of 0.91. The firm has a 50 day simple moving average of $19.22 and a 200 day simple moving average of $19.86. Broadstone Net Lease has a 52 week low of $16.70 and a 52 week high of $23.10.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02). The company had revenue of $121.87 million for the quarter, compared to analysts’ expectations of $122.19 million. Broadstone Net Lease had a net margin of 30.26% and a return on equity of 4.85%. Sell-side analysts predict that Broadstone Net Lease will post 1.51 EPS for the current year.

Insiders Place Their Bets

In other Broadstone Net Lease news, Director Richard Imperiale acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were purchased at an average price of $21.22 per share, with a total value of $106,100.00. Following the completion of the transaction, the director owned 26,250 shares in the company, valued at $557,025. The trade was a 23.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.02% of the company’s stock.

Institutional Trading of Broadstone Net Lease

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Broadstone Net Lease during the 2nd quarter valued at $712,332,000. Bank of New York Mellon Corp acquired a new stake in shares of Broadstone Net Lease in the 2nd quarter valued at $39,745,000. Wellington Management Group LLP bought a new stake in Broadstone Net Lease in the second quarter worth $35,709,000. Bank of America Corp DE bought a new stake in Broadstone Net Lease in the second quarter worth $32,978,000. Finally, Legal & General Group Plc acquired a new position in Broadstone Net Lease during the second quarter worth $24,537,000. 89.07% of the stock is owned by institutional investors.

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.