Wall Street Zen Downgrades Broadstone Net Lease (NYSE:BNL) to Sell

Key Points

• Broadstone Net Lease's stock rating has been downgraded from "hold" to "sell" by Wall Street Zen in a recent research report.
• Despite the downgrade, other brokerages continue to show support with target price upgrades, including a "buy" rating with a $21.00 target from Goldman Sachs.
• The company's current stock price is around $18.23, with analysts maintaining an average rating of "Moderate Buy" and a price target of $19.43.

Wall Street Zen downgraded shares of Broadstone Net Lease (NYSE:BNL - Free Report) from a hold rating to a sell rating in a research report released on Friday.

Other analysts also recently issued research reports about the stock. KeyCorp raised shares of Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price target on the stock in a report on Tuesday, August 19th. JMP Securities reaffirmed a "market outperform" rating and set a $21.00 price target on shares of Broadstone Net Lease in a report on Monday, June 2nd. The Goldman Sachs Group raised shares of Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price target on the stock in a report on Thursday, August 21st. Truist Financial raised their price target on shares of Broadstone Net Lease from $17.00 to $18.00 and gave the company a "hold" rating in a report on Monday, May 5th. Finally, 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 report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $19.43.

Broadstone Net Lease Trading Up 0.2%

NYSE:BNL traded up $0.03 on Friday, reaching $18.41. 1,076,841 shares of the stock traded hands, compared to its average volume of 1,804,164. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 35.41 and a beta of 1.00. Broadstone Net Lease has a 12 month low of $13.96 and a 12 month high of $19.15. The company's fifty day simple moving average is $16.51 and its 200 day simple moving average is $16.29.

Broadstone Net Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.3%. Broadstone Net Lease's dividend payout ratio (DPR) is presently 223.08%.

Hedge Funds Weigh In On Broadstone Net Lease

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wolff Wiese Magana LLC purchased a new position in Broadstone Net Lease during the second quarter valued at approximately $45,000. Tower Research Capital LLC TRC lifted its holdings in Broadstone Net Lease by 192.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,914 shares of the company's stock valued at $46,000 after purchasing an additional 1,918 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Broadstone Net Lease during the fourth quarter valued at approximately $54,000. Quarry LP purchased a new position in Broadstone Net Lease during the fourth quarter valued at approximately $57,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Broadstone Net Lease by 80.9% during the second quarter. EverSource Wealth Advisors LLC now owns 4,261 shares of the company's stock valued at $68,000 after purchasing an additional 1,906 shares in 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.