Broadstone Net Lease (NYSE:BNL) Upgraded by Citizens Jmp to “Strong-Buy” Rating

Citizens Jmp upgraded shares of Broadstone Net Lease (NYSE:BNL) from a hold rating to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

Several other brokerages have also issued reports on BNL. UBS Group began coverage on shares of Broadstone Net Lease in a research note on Thursday, November 14th. They issued a “neutral” rating and a $18.00 price objective for the company. Wedbush started coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. JMP Securities upgraded shares of Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research note on Tuesday. Finally, The Goldman Sachs Group upped their price objective on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $18.67.

Broadstone Net Lease Stock Performance

NYSE BNL opened at $16.78 on Tuesday. Broadstone Net Lease has a twelve month low of $14.20 and a twelve month high of $19.15. The stock has a market cap of $3.16 billion, a PE ratio of 22.07 and a beta of 1.10. The firm has a 50-day simple moving average of $17.58 and a 200 day simple moving average of $17.35.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). The firm had revenue of $108.40 million for the quarter, compared to analyst estimates of $106.47 million. Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. During the same period in the previous year, the business posted $0.36 EPS. Research analysts forecast that Broadstone Net Lease will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.92%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease’s payout ratio is presently 152.63%.

Hedge Funds Weigh In On Broadstone Net Lease

Several hedge funds have recently added to or reduced their stakes in BNL. Bank of New York Mellon Corp grew its stake in shares of Broadstone Net Lease by 3.2% during the second quarter. Bank of New York Mellon Corp now owns 1,767,296 shares of the company’s stock worth $28,047,000 after purchasing an additional 54,885 shares during the period. Legato Capital Management LLC acquired a new position in shares of Broadstone Net Lease during the 2nd quarter worth about $1,404,000. HB Wealth Management LLC raised its position in shares of Broadstone Net Lease by 4.8% in the 2nd quarter. HB Wealth Management LLC now owns 21,178 shares of the company’s stock valued at $336,000 after acquiring an additional 967 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Broadstone Net Lease by 3.5% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 34,455 shares of the company’s stock worth $547,000 after acquiring an additional 1,163 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in Broadstone Net Lease by 7.0% during the 2nd quarter. Van ECK Associates Corp now owns 28,861 shares of the company’s stock worth $458,000 after acquiring an additional 1,894 shares during the last quarter. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Company Profile

Broadstone Net Lease, Inc (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation’s operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties.