Broadstone Net Lease (NYSE:BNL) Reaches New 1-Year High – Still a Buy?

Broadstone Net Lease, Inc. (NYSE:BNL) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $19.61 and last traded at $19.5840, with a volume of 1052207 shares changing hands. The stock had previously closed at $19.35.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BNL shares. Weiss Ratings restated a “hold (c+)” rating on shares of Broadstone Net Lease in a research note on Wednesday, January 21st. Truist Financial upped their price objective on shares of Broadstone Net Lease from $18.00 to $20.00 and gave the company a “hold” rating in a research report on Tuesday, November 25th. Morgan Stanley lifted their target price on Broadstone Net Lease from $18.00 to $19.00 and gave the stock a “positive” rating in a research report on Monday, December 29th. Cantor Fitzgerald set a $20.00 price target on Broadstone Net Lease in a research note on Monday, January 5th. Finally, Citizens Jmp restated a “market outperform” rating and set a $21.00 price objective on shares of Broadstone Net Lease in a research note on Tuesday, December 2nd. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.91.

Broadstone Net Lease Price Performance

The stock has a fifty day moving average price of $18.00 and a two-hundred day moving average price of $17.96. The company has a market cap of $3.71 billion, a P/E ratio of 41.67 and a beta of 1.00.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. State Street Corp lifted its holdings in Broadstone Net Lease by 2.2% in the second quarter. State Street Corp now owns 8,388,518 shares of the company’s stock worth $136,998,000 after purchasing an additional 178,186 shares during the period. Geode Capital Management LLC raised its position in shares of Broadstone Net Lease by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 5,104,154 shares of the company’s stock worth $81,929,000 after buying an additional 76,531 shares in the last quarter. Centersquare Investment Management LLC lifted its stake in shares of Broadstone Net Lease by 3.0% in the 3rd quarter. Centersquare Investment Management LLC now owns 5,052,587 shares of the company’s stock worth $90,290,000 after acquiring an additional 146,402 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Broadstone Net Lease by 2.7% in the second quarter. Alliancebernstein L.P. now owns 4,791,006 shares of the company’s stock valued at $76,896,000 after acquiring an additional 124,589 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Broadstone Net Lease by 213.2% in the second quarter. Balyasny Asset Management L.P. now owns 4,335,166 shares of the company’s stock valued at $69,579,000 after acquiring an additional 2,951,207 shares in the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Broadstone Net Lease Company Profile

Broadstone Net Lease, Inc (NYSE: BNL) is a publicly traded real estate investment trust focused on owning and operating single-tenant commercial properties under long-term net leases. The company specializes in acquiring properties that are leased to creditworthy tenants, allowing it to generate predictable, stable rental income while transferring most operating expenses and responsibilities to its lessees.

Broadstone Net Lease’s portfolio spans a variety of property types, including industrial facilities, distribution centers, manufacturing plants, life science and office buildings, and essential retail locations.