Broadstone Net Lease (NYSE:BNL) Shares Gap Down - Here's What Happened

Broadstone Net Lease, Inc. (NYSE:BNL - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $15.86, but opened at $15.34. Broadstone Net Lease shares last traded at $15.97, with a volume of 625,227 shares traded.

Analyst Ratings Changes

Several brokerages have issued reports on BNL. The Goldman Sachs Group upped their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a "sell" rating in a research note on Friday, September 13th. UBS Group started coverage on shares of Broadstone Net Lease in a research note on Thursday, November 14th. They issued a "neutral" rating and a $18.00 price target for the company. JMP Securities raised Broadstone Net Lease from a "market perform" rating to an "outperform" rating and set a $21.00 price objective on the stock in a research note on Tuesday. Finally, Citizens Jmp raised Broadstone Net Lease from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $18.60.

Broadstone Net Lease Stock Up 1.3 %

The stock's fifty day simple moving average is $17.49 and its two-hundred day simple moving average is $17.34. The firm has a market cap of $3.03 billion, a PE ratio of 21.15 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The company had revenue of $108.40 million during the quarter, compared to analysts' expectations of $106.47 million. During the same quarter in the previous year, the company earned $0.36 EPS. On average, equities research analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 7.22%. The ex-dividend date of this dividend is Tuesday, December 31st. Broadstone Net Lease's dividend payout ratio (DPR) is currently 152.63%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Natixis Advisors LLC raised its holdings in shares of Broadstone Net Lease by 63.2% during the third quarter. Natixis Advisors LLC now owns 114,272 shares of the company's stock valued at $2,165,000 after purchasing an additional 44,264 shares during the last quarter. Legato Capital Management LLC purchased a new stake in Broadstone Net Lease during the 2nd quarter valued at $1,404,000. Sei Investments Co. lifted its holdings in shares of Broadstone Net Lease by 20.8% during the 2nd quarter. Sei Investments Co. now owns 545,556 shares of the company's stock valued at $8,658,000 after buying an additional 94,092 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Broadstone Net Lease by 2,302.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company's stock worth $17,040,000 after buying an additional 1,029,048 shares during the last quarter. Finally, Meritage Portfolio Management bought a new stake in shares of Broadstone Net Lease in the third quarter worth $5,610,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Broadstone Net Lease Company Profile

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.