Broadstone Net Lease (NYSE:BNL) Upgraded by JMP Securities to Outperform Rating

Broadstone Net Lease (NYSE:BNL) was upgraded by equities researchers at JMP Securities from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday, MarketBeat.com reports. The firm presently has a $21.00 price target on the stock. JMP Securities’ price target indicates a potential upside of 29.95% from the company’s current price.

Several other brokerages have also recently issued reports on BNL. UBS Group assumed coverage on Broadstone Net Lease in a report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price objective for the company. The Goldman Sachs Group boosted their price objective on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday, September 13th. Finally, Wedbush started coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Broadstone Net Lease presently has a consensus rating of “Hold” and an average target price of $18.60.

Broadstone Net Lease Stock Performance

NYSE:BNL opened at $16.16 on Tuesday. Broadstone Net Lease has a 1 year low of $14.20 and a 1 year high of $19.15. The stock has a fifty day moving average price of $17.54 and a two-hundred day moving average price of $17.35. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 21.26 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. The company had revenue of $108.40 million during the quarter, compared to analysts’ expectations of $106.47 million. During the same quarter in the prior year, the business earned $0.36 EPS. On average, analysts predict that Broadstone Net Lease will post 1.39 EPS for the current year.

Institutional Investors Weigh In On Broadstone Net Lease

A number of hedge funds and other institutional investors have recently made changes to their positions in BNL. Bank of New York Mellon Corp grew its holdings in Broadstone Net Lease by 3.2% in 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 buying an additional 54,885 shares during the period. Legato Capital Management LLC acquired a new position in Broadstone Net Lease during the second quarter worth approximately $1,404,000. HB Wealth Management LLC raised its stake in Broadstone Net Lease by 4.8% during the second quarter. HB Wealth Management LLC now owns 21,178 shares of the company’s stock worth $336,000 after purchasing an additional 967 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of 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 valued at $547,000 after buying an additional 1,163 shares during the period. Finally, Van ECK Associates Corp increased its holdings in shares of 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 buying an additional 1,894 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

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.