Truist Financial Issues Positive Forecast for Broadstone Net Lease (NYSE:BNL) Stock Price

Broadstone Net Lease (NYSE:BNL) had its price objective boosted by stock analysts at Truist Financial from $21.00 to $22.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial‘s target price would suggest a potential upside of 24.93% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Cantor Fitzgerald lowered their price target on shares of Broadstone Net Lease from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Friday, October 30th. Wall Street Zen cut shares of Broadstone Net Lease from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. The Goldman Sachs Group lowered their price objective on shares of Broadstone Net Lease from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Monday, November 2nd. KeyCorp reiterated an “overweight” rating on shares of Broadstone Net Lease in a report on Tuesday, September 15th. Finally, Weiss Ratings lowered shares of Broadstone Net Lease from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Broadstone Net Lease currently has an average rating of “Moderate Buy” and an average target price of $22.11.

Broadstone Net Lease Price Performance

Shares of Broadstone Net Lease stock opened at $17.61 on Friday. Broadstone Net Lease has a one year low of $16.70 and a one year high of $23.10. The business’s 50 day simple moving average is $18.53 and its two-hundred day simple moving average is $19.82. The stock has a market capitalization of $3.38 billion, a P/E ratio of 23.17 and a beta of 0.91.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings data on Wednesday, October 28th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02). Broadstone Net Lease had a net margin of 30.26% and a return on equity of 4.86%. The company had revenue of $121.87 million for the quarter, compared to analysts’ expectations of $122.19 million. Sell-side analysts expect that Broadstone Net Lease will post 1.51 earnings per share for the current fiscal year.

Insider Activity at Broadstone Net Lease

In related news, Director Richard Imperiale bought 5,000 shares of the business’s stock in a transaction dated 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 purchase, the director owned 26,250 shares of the company’s stock, valued at approximately $557,025. This trade represents a 23.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Broadstone Net Lease

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bleakley Financial Group LLC raised its stake in Broadstone Net Lease by 2.1% in the third quarter. Bleakley Financial Group LLC now owns 35,680 shares of the company’s stock worth $660,000 after buying an additional 745 shares in the last quarter. GSI Capital Advisors LLC lifted its holdings in Broadstone Net Lease by 84.2% in the third quarter. GSI Capital Advisors LLC now owns 349,085 shares of the company’s stock worth $6,458,000 after buying an additional 159,616 shares during the period. First Trust Advisors LP boosted its position in Broadstone Net Lease by 37.9% during the 3rd quarter. First Trust Advisors LP now owns 190,047 shares of the company’s stock valued at $3,516,000 after acquiring an additional 52,182 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its position in Broadstone Net Lease by 1.7% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 84,960 shares of the company’s stock valued at $1,602,000 after acquiring an additional 1,394 shares in the last quarter. Finally, Private Advisor Group LLC bought a new stake in Broadstone Net Lease during the 3rd quarter valued at approximately $377,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

About Broadstone Net Lease

Broadstone Net Lease, Inc. is an internally managed real estate investment trust that acquires, owns and manages commercial properties leased to businesses under long-term net lease agreements. Its tenants generally assume responsibility for property expenses such as taxes, insurance and maintenance. The company’s portfolio spans property types including industrial, healthcare, retail and office, with properties primarily in the United States and also in Canada. Broadstone was founded in 2007 and is headquartered in Rochester, New York.