Broadstone Net Lease (NYSE:BNL) Hits New 52-Week High - What's Next?

Key Points

• Broadstone Net Lease (NYSE:BNL) shares reached a new 52-week high at $18.86, closing at $18.83 with a trading volume of 13,011 shares.
• Analyst ratings for BNL vary, with a consensus rating of "Moderate Buy" and a price target averaging $19.89, while JMP Securities has set a target of $21.00.
• The company recently declared a quarterly dividend of $0.29 per share, resulting in an annualized dividend of $1.16 and a dividend yield of 6.2%.

Broadstone Net Lease, Inc. (NYSE:BNL - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $18.86 and last traded at $18.83, with a volume of 13011 shares trading hands. The stock had previously closed at $18.83.

Analyst Ratings Changes

BNL has been the subject of several analyst reports. JMP Securities reiterated a "market outperform" rating and set a $21.00 price target on shares of Broadstone Net Lease in a report on Monday, September 29th. UBS Group boosted their price objective on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Friday, August 15th. Wolfe Research raised shares of Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price target on the stock in a research note on Monday, July 28th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Broadstone Net Lease in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald began coverage on shares of Broadstone Net Lease in a report on Wednesday, October 1st. They set an "overweight" rating and a $21.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Broadstone Net Lease currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.89.

Broadstone Net Lease Price Performance

The firm's fifty day simple moving average is $18.18 and its 200 day simple moving average is $16.76. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of 36.22 and a beta of 1.00.

Broadstone Net Lease Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 6.2%. The ex-dividend date was Tuesday, September 30th. Broadstone Net Lease's payout ratio is 223.08%.

Institutional Trading of Broadstone Net Lease

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. lifted its holdings in shares of Broadstone Net Lease by 96.9% during the 3rd quarter. Blue Trust Inc. now owns 1,790 shares of the company's stock valued at $32,000 after purchasing an additional 881 shares in the last quarter. Wolff Wiese Magana LLC acquired a new stake in shares of Broadstone Net Lease during the 2nd quarter worth $45,000. EverSource Wealth Advisors LLC grew its holdings in shares of Broadstone Net Lease by 80.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,261 shares of the company's stock worth $68,000 after purchasing an additional 1,906 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Broadstone Net Lease during the 1st quarter worth $115,000. Finally, CWM LLC lifted its position in shares of Broadstone Net Lease by 885.2% during the 2nd quarter. CWM LLC now owns 7,773 shares of the company's stock worth $125,000 after buying an additional 6,984 shares during the last quarter. 89.07% of the stock is currently 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.

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