The Goldman Sachs Group Has Lowered Expectations for Broadstone Net Lease (NYSE:BNL) Stock Price

Broadstone Net Lease (NYSE:BNL) had its price target dropped by analysts at The Goldman Sachs Group from $26.00 to $23.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group‘s price target would indicate a potential upside of 32.23% from the stock’s previous close.

A number of other research analysts have also issued reports on BNL. Cantor Fitzgerald lowered their target price on Broadstone Net Lease from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Friday. KeyCorp reiterated an “overweight” rating on shares of Broadstone Net Lease in a report on Tuesday, September 15th. Weiss Ratings lowered shares of Broadstone Net Lease from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Wall Street Zen cut Broadstone Net Lease from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Truist Financial upgraded Broadstone Net Lease from a “hold” rating to a “buy” rating and decreased their price target for the company from $22.00 to $21.00 in a research report on Thursday, October 1st. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $22.00.

Broadstone Net Lease Price Performance

Shares of Broadstone Net Lease stock traded up $0.29 on Monday, hitting $17.39. The company had a trading volume of 1,230,022 shares, compared to its average volume of 2,225,500. Broadstone Net Lease has a 52 week low of $16.70 and a 52 week high of $23.10. The company has a market cap of $3.34 billion, a PE ratio of 22.88 and a beta of 0.91. The business has a 50-day simple moving average of $19.14 and a 200-day simple moving average of $19.85.

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

Insiders Place Their Bets

In other Broadstone Net Lease news, Director Richard Imperiale acquired 5,000 shares of Broadstone Net Lease stock in a transaction that occurred on Thursday, August 20th. The stock was purchased at an average cost of $21.22 per share, with a total value of $106,100.00. Following the purchase, the director owned 26,250 shares in the company, valued at approximately $557,025. The trade was a 23.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Broadstone Net Lease

A number of large investors have recently made changes to their positions in BNL. Signature Equity Partners LLC increased its stake in shares of Broadstone Net Lease by 3,743.4% in the third quarter. Signature Equity Partners LLC now owns 2,037 shares of the company’s stock worth $38,000 after acquiring an additional 1,984 shares during the last quarter. Vise Technologies Inc. acquired a new stake in shares of Broadstone Net Lease during the 3rd quarter valued at about $1,075,000. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in Broadstone Net Lease by 192.8% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 184,834 shares of the company’s stock worth $3,419,000 after buying an additional 121,700 shares during the last quarter. D.A. Davidson & CO. increased its holdings in Broadstone Net Lease by 3.7% in the third quarter. D.A. Davidson & CO. now owns 158,808 shares of the company’s stock worth $2,938,000 after buying an additional 5,640 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its position in Broadstone Net Lease by 6.2% in the third quarter. Asset Management One Co. Ltd. now owns 380,868 shares of the company’s stock worth $7,046,000 after acquiring an additional 22,363 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Broadstone Net Lease Company Profile

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.