KeyCorp Initiates Coverage on Broadstone Net Lease (NYSE:BNL)

KeyCorp started coverage on shares of Broadstone Net Lease (NYSE:BNLFree Report) in a report released on Wednesday, Marketbeat reports. The brokerage issued a sector weight rating on the stock.

Several other research firms have also recently issued reports on BNL. Wolfe Research reiterated a peer perform rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Truist Financial reduced their price objective 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. TheStreet lowered shares of Broadstone Net Lease from a b- rating to a c+ rating in a research report on Thursday, February 22nd. Finally, The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a research report on Thursday, March 7th. They set a sell rating and a $14.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Broadstone Net Lease presently has a consensus rating of Hold and an average price target of $16.75.

Read Our Latest Report on BNL

Broadstone Net Lease Stock Performance

Shares of BNL opened at $15.28 on Wednesday. Broadstone Net Lease has a fifty-two week low of $13.68 and a fifty-two week high of $17.59. The firm has a 50-day simple moving average of $15.04 and a 200-day simple moving average of $15.69. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 15.92 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNLGet Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. Broadstone Net Lease had a return on equity of 5.60% and a net margin of 42.23%. The company had revenue of $105.37 million during the quarter, compared to analysts’ expectations of $107.76 million. During the same period last year, the firm earned $0.34 EPS. Equities research analysts forecast that Broadstone Net Lease will post 1.39 EPS for the current year.

Broadstone Net Lease Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.59%. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, June 28th. Broadstone Net Lease’s dividend payout ratio (DPR) is 118.75%.

Institutional Investors Weigh In On Broadstone Net Lease

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its holdings in shares of Broadstone Net Lease by 1.8% in the third quarter. Victory Capital Management Inc. now owns 39,179 shares of the company’s stock worth $560,000 after acquiring an additional 689 shares during the last quarter. Swiss National Bank increased its position in Broadstone Net Lease by 1.0% during the 3rd quarter. Swiss National Bank now owns 411,600 shares of the company’s stock worth $5,886,000 after purchasing an additional 4,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Broadstone Net Lease by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,624,863 shares of the company’s stock valued at $37,536,000 after purchasing an additional 103,079 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Broadstone Net Lease by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 22,018 shares of the company’s stock valued at $315,000 after purchasing an additional 912 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new position in Broadstone Net Lease in the 3rd quarter valued at about $11,016,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Broadstone Net Lease (NYSE:BNL)

Receive News & Ratings for Broadstone Net Lease Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadstone Net Lease and related companies with MarketBeat.com's FREE daily email newsletter.