Broadstone Net Lease (NYSE:BNL) Shares Gap Down – Here’s What Happened

Broadstone Net Lease, Inc. (NYSE:BNL) shares gapped down before the market opened on Friday . The stock had previously closed at $15.86, but opened at $15.34. Broadstone Net Lease shares last traded at $15.97, with a volume of 625,227 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. The Goldman Sachs Group raised their price objective on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. UBS Group began coverage on Broadstone Net Lease in a report on Thursday, November 14th. They issued a “neutral” rating and a $18.00 price objective for the company. Finally, JMP Securities raised Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.60.

Broadstone Net Lease Stock Up 2.6 %

The firm has a market capitalization of $3.07 billion, a P/E ratio of 21.42 and a beta of 1.10. The company has a fifty day simple moving average of $17.49 and a 200 day simple moving average of $17.34.

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 return on equity of 4.47% and a net margin of 33.56%. The firm had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. During the same quarter in the previous year, the firm earned $0.36 EPS. As a group, equities analysts expect that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 7.13%. The ex-dividend date of this dividend is Tuesday, December 31st. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 152.63%.

Institutional Investors Weigh In On Broadstone Net Lease

Several institutional investors and hedge funds have recently added to or reduced their stakes in BNL. Franklin Resources Inc. raised its position in shares of Broadstone Net Lease by 66.8% during the 3rd quarter. Franklin Resources Inc. now owns 574,124 shares of the company’s stock valued at $10,512,000 after purchasing an additional 229,874 shares during the period. Geode Capital Management LLC grew its position in shares of 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 worth $91,827,000 after purchasing an additional 62,515 shares in the last quarter. Barclays PLC raised its stake in Broadstone Net Lease by 131.1% during the 3rd quarter. Barclays PLC now owns 318,142 shares of the company’s stock valued at $6,028,000 after purchasing an additional 180,456 shares during the period. Public Employees Retirement System of Ohio raised its stake in Broadstone Net Lease by 0.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 270,542 shares of the company’s stock valued at $5,127,000 after purchasing an additional 2,387 shares during the period. Finally, XTX Topco Ltd purchased a new position in Broadstone Net Lease in the 3rd quarter worth approximately $348,000. Hedge funds and other 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.