Broadstone Net Lease (NYSE:BNL) Stock Price Target Lowered at The Goldman Sachs Group

Key Points

• Goldman Sachs lowered Broadstone Net Lease’s price target from $26 to $23 while maintaining a “buy” rating, implying roughly 32% upside from the stock’s $17.39 price.
• Analyst sentiment remains generally positive but mixed: eight analysts rate the stock a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average target of $22.
• Broadstone Net Lease recently missed quarterly expectations, reporting $0.14 in EPS versus the $0.16 consensus estimate and revenue of $121.87 million versus $122.19 million expected.

Broadstone Net Lease (NYSE:BNL - Get Free Report) had its price objective lowered by stock analysts at The Goldman Sachs Group from $26.00 to $23.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. The Goldman Sachs Group's price objective would indicate a potential upside of 32.23% from the company's current price.

Other research analysts have also issued reports about the stock. Wall Street Zen lowered shares of Broadstone Net Lease from a "hold" rating to a "sell" rating in a research report on Saturday. Cantor Fitzgerald reduced 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 research report on Friday. BMO Capital Markets upped their price target on Broadstone Net Lease from $24.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, July 10th. Weiss Ratings downgraded Broadstone Net Lease from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Finally, KeyCorp reaffirmed an "overweight" rating on shares of Broadstone Net Lease in a research note on Tuesday, September 15th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $22.00.

Broadstone Net Lease Stock Up 1.7%

BNL stock traded up $0.29 on Monday, reaching $17.39. 1,230,022 shares of the company's stock were exchanged, compared to its average volume of 2,225,500. The stock has a fifty day moving average of $19.14 and a 200-day moving average of $19.85. Broadstone Net Lease has a twelve month low of $16.70 and a twelve month high of $23.10. The firm has a market cap of $3.34 billion, a PE ratio of 22.88 and a beta of 0.91.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last released its earnings results on Wednesday, October 28th. The company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.02). The business had revenue of $121.87 million during the quarter, compared to analyst estimates of $122.19 million. Broadstone Net Lease had a net margin of 30.26% and a return on equity of 4.86%. On average, equities research analysts predict that Broadstone Net Lease will post 1.51 EPS for the current fiscal year.

Insider Activity at Broadstone Net Lease

In other Broadstone Net Lease news, Director Richard Imperiale purchased 5,000 shares of the stock in a transaction dated Thursday, August 20th. The shares were acquired at an average cost of $21.22 per share, for a total transaction of $106,100.00. Following the completion of the transaction, the director directly owned 26,250 shares of the company's stock, valued at $557,025. This trade represents a 23.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 1.02% of the stock is owned by corporate insiders.

Institutional Trading of Broadstone Net Lease

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP purchased a new stake in shares of Broadstone Net Lease during the 2nd quarter valued at $34,000. Signature Equity Partners LLC raised its stake in shares of Broadstone Net Lease by 3,743.4% in the 3rd quarter. Signature Equity Partners LLC now owns 2,037 shares of the company's stock valued at $38,000 after purchasing an additional 1,984 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Broadstone Net Lease in the 2nd quarter worth approximately $74,000. Nykredit A S bought a new stake in shares of Broadstone Net Lease during the 2nd quarter valued at about $91,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Broadstone Net Lease by 33.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,075 shares of the company's stock worth $129,000 after purchasing an additional 1,788 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

About Broadstone Net Lease

Broadstone Net Lease, Inc NYSE: BNL is a real estate investment trust (REIT) that owns and manages a diversified portfolio of primarily single-tenant commercial properties. The company generally leases its properties under long-term, triple-net agreements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.

Broadstone's portfolio includes properties used by healthcare providers, industrial and manufacturing companies, office-based businesses, restaurants and retail operators.

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