Sanctuary Advisors LLC Takes $614,000 Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Sanctuary Advisors LLC acquired a new stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 38,702 shares of the company’s stock, valued at approximately $614,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Quarry LP grew its position in Broadstone Net Lease by 93.1% in the second quarter. Quarry LP now owns 2,556 shares of the company’s stock valued at $41,000 after acquiring an additional 1,232 shares during the period. Arden Trust Co bought a new stake in Broadstone Net Lease in the second quarter valued at $180,000. Xponance Inc. grew its position in Broadstone Net Lease by 5.1% in the second quarter. Xponance Inc. now owns 11,922 shares of the company’s stock valued at $189,000 after acquiring an additional 580 shares during the period. Versor Investments LP bought a new stake in Broadstone Net Lease in the second quarter valued at $205,000. Finally, Pasadena Private Wealth LLC grew its position in Broadstone Net Lease by 12.2% in the first quarter. Pasadena Private Wealth LLC now owns 13,330 shares of the company’s stock valued at $209,000 after acquiring an additional 1,449 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Stock Up 0.9 %

Shares of BNL opened at $18.31 on Tuesday. Broadstone Net Lease, Inc. has a 12-month low of $13.68 and a 12-month high of $19.15. The firm has a market capitalization of $3.45 billion, a PE ratio of 19.07 and a beta of 1.11. The stock’s fifty day simple moving average is $18.19 and its 200-day simple moving average is $16.54.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.86%. The firm had revenue of $105.91 million for the quarter, compared to analyst estimates of $105.95 million. During the same period last year, the company earned $0.35 EPS. Analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 6.34%. The ex-dividend date of this dividend is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 120.83%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Truist Financial upped their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Wedbush began coverage on Broadstone Net Lease in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, The Goldman Sachs Group increased their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $18.00.

Broadstone Net Lease Company 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.