Broadstone Net Lease (NYSE:BNL) Earns Sector Weight Rating from Analysts at KeyCorp

KeyCorp initiated coverage on shares of Broadstone Net Lease (NYSE:BNL) in a report issued on Wednesday morning, MarketBeat reports. The brokerage issued a sector weight rating on the stock.

Other research analysts have also issued research reports about the company. TheStreet lowered Broadstone Net Lease from a b- rating to a c+ rating in a research report on Thursday, February 22nd. Truist Financial lowered their target price on shares of 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. Wolfe Research reissued a peer perform rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Finally, The Goldman Sachs Group began coverage on shares of Broadstone Net Lease in a report on Thursday, March 7th. They issued a sell rating and a $14.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Broadstone Net Lease currently has an average rating of Hold and a consensus target price of $16.75.

Broadstone Net Lease Price Performance

BNL opened at $15.29 on Wednesday. Broadstone Net Lease has a 12-month low of $13.68 and a 12-month high of $17.59. The stock has a market capitalization of $2.88 billion, a PE ratio of 15.92 and a beta of 1.10. The firm’s fifty day moving average price is $15.04 and its 200 day moving average price is $15.69.

Broadstone Net Lease (NYSE:BNL) last issued its earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $105.37 million for the quarter, compared to analyst estimates of $107.76 million. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. During the same quarter in the prior year, the business posted $0.34 EPS. On average, equities research analysts forecast that Broadstone Net Lease will post 1.38 earnings per share for the current fiscal year.

Broadstone Net Lease Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.16 annualized dividend and a dividend yield of 7.59%. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29. Broadstone Net Lease’s dividend payout ratio is currently 118.75%.

Institutional Trading of Broadstone Net Lease

Hedge funds have recently bought and sold shares of the company. Principal Securities Inc. bought a new stake in Broadstone Net Lease during the fourth quarter worth approximately $32,000. Federated Hermes Inc. acquired a new stake in Broadstone Net Lease in the 4th quarter valued at about $49,000. Tennessee Valley Asset Management Partners bought a new position in shares of Broadstone Net Lease during the 4th quarter valued at about $86,000. Covestor Ltd raised its holdings in shares of Broadstone Net Lease by 123.1% in the 3rd quarter. Covestor Ltd now owns 5,167 shares of the company’s stock worth $74,000 after purchasing an additional 2,851 shares in the last quarter. Finally, Evergreen Capital Management LLC acquired a new stake in Broadstone Net Lease during the third quarter valued at approximately $147,000. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Company Profile

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.