Broadstone Net Lease (NYSE:BNL) Upgraded at Citizens Jmp

Broadstone Net Lease (NYSE:BNL) was upgraded by equities researchers at Citizens Jmp from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

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

Broadstone Net Lease Price Performance

Shares of BNL opened at $16.78 on Tuesday. The firm has a 50 day simple moving average of $17.58 and a two-hundred day simple moving average of $17.35. Broadstone Net Lease has a one year low of $14.20 and a one year high of $19.15. The company has a market cap of $3.16 billion, a P/E ratio of 22.07 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The business 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 last year, the firm posted $0.36 EPS. On average, analysts expect that Broadstone Net Lease will post 1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Broadstone Net Lease

A number of hedge funds and other institutional investors have recently made changes to their positions in BNL. Geode Capital Management LLC boosted its position in Broadstone Net Lease by 1.3% during the third quarter. Geode Capital Management LLC now owns 4,844,943 shares of the company’s stock valued at $91,827,000 after acquiring an additional 62,515 shares during the last quarter. Millennium Management LLC boosted its position in shares of Broadstone Net Lease by 709.4% during the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after purchasing an additional 2,784,878 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Broadstone Net Lease by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,767,296 shares of the company’s stock valued at $28,047,000 after purchasing an additional 54,885 shares in the last quarter. Victory Capital Management Inc. grew its stake in Broadstone Net Lease by 35.5% during the third quarter. Victory Capital Management Inc. now owns 1,454,507 shares of the company’s stock worth $27,563,000 after purchasing an additional 380,772 shares during the period. Finally, Brookfield Corp ON bought a new stake in Broadstone Net Lease in the third quarter worth approximately $18,444,000. 89.07% of the stock is owned by institutional investors and hedge funds.

About Broadstone Net Lease

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.