Vanguard Group Inc. Sells 255,855 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Vanguard Group Inc. trimmed its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,784,238 shares of the company’s stock after selling 255,855 shares during the quarter. Vanguard Group Inc. owned 14.80% of Broadstone Net Lease worth $478,445,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Handelsbanken Fonder AB lifted its position in shares of Broadstone Net Lease by 2.4% in the 4th quarter. Handelsbanken Fonder AB now owns 29,900 shares of the company’s stock worth $515,000 after purchasing an additional 700 shares during the period. Natixis Advisors L.P. lifted its position in shares of Broadstone Net Lease by 1.3% in the 4th quarter. Natixis Advisors L.P. now owns 64,207 shares of the company’s stock worth $1,105,000 after purchasing an additional 821 shares during the period. Perigon Wealth Management LLC lifted its position in shares of Broadstone Net Lease by 1.1% in the 4th quarter. Perigon Wealth Management LLC now owns 81,773 shares of the company’s stock worth $1,408,000 after purchasing an additional 915 shares during the period. HGI Capital Management LLC lifted its position in shares of Broadstone Net Lease by 2.5% in the 4th quarter. HGI Capital Management LLC now owns 43,238 shares of the company’s stock worth $745,000 after purchasing an additional 1,055 shares during the period. Finally, Metis Global Partners LLC lifted its position in shares of Broadstone Net Lease by 12.3% in the 4th quarter. Metis Global Partners LLC now owns 12,340 shares of the company’s stock worth $212,000 after purchasing an additional 1,356 shares during the period. 89.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BNL. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Truist Financial dropped their target price on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a research report on Tuesday, February 27th. KeyCorp initiated coverage on shares of Broadstone Net Lease in a research report on Wednesday, June 12th. They set a “sector weight” rating on the stock. Finally, The Goldman Sachs Group initiated coverage on shares of Broadstone Net Lease in a research report on Thursday, March 7th. They set a “sell” rating and a $14.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Broadstone Net Lease presently has a consensus rating of “Hold” and an average price target of $16.75.

Broadstone Net Lease Stock Down 0.7 %

Broadstone Net Lease stock opened at $15.93 on Wednesday. The company has a market capitalization of $3.00 billion, a PE ratio of 16.59 and a beta of 1.10. The firm’s fifty day moving average is $15.16 and its 200 day moving average is $15.65. Broadstone Net Lease, Inc. has a 12-month low of $13.68 and a 12-month high of $17.59.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $105.37 million during the quarter, compared to analyst estimates of $107.76 million. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. During the same quarter in the previous year, the business posted $0.34 EPS. Sell-side analysts expect that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 7.28%. The ex-dividend date is Friday, June 28th. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29. Broadstone Net Lease’s payout ratio is 118.75%.

About Broadstone Net Lease

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.