Fisher Asset Management LLC Has $5.48 Million Stock Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Fisher Asset Management LLC cut its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 22.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 318,032 shares of the company’s stock after selling 93,183 shares during the period. Fisher Asset Management LLC owned 0.17% of Broadstone Net Lease worth $5,477,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in shares of Broadstone Net Lease by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 14,904,229 shares of the company’s stock worth $256,651,000 after purchasing an additional 448,338 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Broadstone Net Lease by 1.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,066,020 shares of the company’s stock worth $87,237,000 after buying an additional 55,833 shares during the period. Cohen & Steers Inc. boosted its holdings in shares of Broadstone Net Lease by 22.4% during the 4th quarter. Cohen & Steers Inc. now owns 3,752,300 shares of the company’s stock worth $64,615,000 after buying an additional 686,765 shares during the period. Cbre Investment Management Listed Real Assets LLC boosted its holdings in shares of Broadstone Net Lease by 74.3% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,860,534 shares of the company’s stock worth $49,258,000 after buying an additional 1,219,509 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Broadstone Net Lease by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,788,999 shares of the company’s stock worth $48,027,000 after buying an additional 164,136 shares during the period. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Truist Financial cut their price target on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a report on Tuesday, February 27th. KeyCorp assumed coverage on shares of Broadstone Net Lease in a report on Wednesday, June 12th. They set a “sector weight” rating for the company. The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a report on Thursday, March 7th. They set a “sell” rating and a $14.00 price target for the company. Finally, TheStreet downgraded shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Broadstone Net Lease has a consensus rating of “Hold” and a consensus target price of $16.75.

Broadstone Net Lease Stock Performance

Shares of NYSE BNL opened at $15.59 on Friday. Broadstone Net Lease, Inc. has a 52-week low of $13.68 and a 52-week high of $17.59. The firm has a 50 day moving average price of $15.08 and a two-hundred day moving average price of $15.67. The stock has a market cap of $2.94 billion, a P/E ratio of 16.24 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. The firm had revenue of $105.37 million during the quarter, compared to analysts’ expectations of $107.76 million. During the same period in the prior year, the company posted $0.34 EPS. Analysts predict that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 annualized dividend and a yield of 7.44%. Broadstone Net Lease’s dividend payout ratio is currently 118.75%.

Broadstone Net Lease Profile

BNL is an industrial-focused, diversified net lease REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2023, BNL's diversified portfolio consisted of 800 individual net leased commercial properties with 793 properties located in 44 U.S.