Principal Financial Group Inc. Lowers Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Principal Financial Group Inc. reduced its stake in Broadstone Net Lease, Inc. (NYSE:BNL) by 97.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 316,378 shares of the company’s stock after selling 14,405,012 shares during the period. Principal Financial Group Inc. owned approximately 0.17% of Broadstone Net Lease worth $5,993,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in shares of Broadstone Net Lease by 257.5% during the third quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock worth $33,000 after buying an additional 1,272 shares during the period. Quarry LP lifted its stake in Broadstone Net Lease by 93.1% during the 2nd quarter. Quarry LP now owns 2,556 shares of the company’s stock worth $41,000 after acquiring an additional 1,232 shares in the last quarter. Blue Trust Inc. boosted its holdings in Broadstone Net Lease by 156.5% during the 3rd quarter. Blue Trust Inc. now owns 3,902 shares of the company’s stock valued at $74,000 after acquiring an additional 2,381 shares during the period. US Bancorp DE grew its position in Broadstone Net Lease by 636.6% in the 3rd quarter. US Bancorp DE now owns 3,941 shares of the company’s stock valued at $75,000 after acquiring an additional 3,406 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Broadstone Net Lease by 35.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,314 shares of the company’s stock worth $138,000 after purchasing an additional 1,908 shares during the period. Institutional investors and hedge funds own 89.07% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. UBS Group assumed coverage on shares of Broadstone Net Lease in a research report on Thursday, November 14th. They issued a “neutral” rating and a $18.00 price target for the company. Wedbush assumed coverage on Broadstone Net Lease in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price for the company. Truist Financial boosted their target price on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Finally, The Goldman Sachs Group increased their price target on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.20.

Broadstone Net Lease Price Performance

Shares of NYSE:BNL opened at $17.05 on Thursday. The company has a market capitalization of $3.21 billion, a P/E ratio of 22.43 and a beta of 1.12. Broadstone Net Lease, Inc. has a 52-week low of $14.20 and a 52-week high of $19.15. The stock’s fifty day simple moving average is $18.12 and its 200-day simple moving average is $17.09.

Broadstone Net Lease (NYSE:BNL) last issued 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). The business had revenue of $108.40 million during the quarter, compared to analyst estimates of $106.47 million. Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. During the same quarter last year, the firm posted $0.36 earnings per share. On average, sell-side analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 6.80%. The ex-dividend date of this dividend is Tuesday, December 31st. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 152.63%.

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.