Citigroup Inc. Purchases 114,215 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Citigroup Inc. raised its position in Broadstone Net Lease, Inc. (NYSE:BNL) by 86.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 246,987 shares of the company’s stock after buying an additional 114,215 shares during the quarter. Citigroup Inc. owned about 0.13% of Broadstone Net Lease worth $4,680,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Millennium Management LLC raised its position in shares of Broadstone Net Lease by 709.4% in the second quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after buying an additional 2,784,878 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Broadstone Net Lease by 2,302.8% during the second quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock valued at $17,040,000 after buying an additional 1,029,048 shares during the last quarter. Meritage Portfolio Management purchased a new stake in shares of Broadstone Net Lease during the third quarter valued at approximately $5,610,000. Eagle Asset Management Inc. purchased a new position in Broadstone Net Lease during the 3rd quarter valued at about $4,928,000. Finally, Segall Bryant & Hamill LLC bought a new stake in Broadstone Net Lease in the third quarter valued at $3,691,000. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL opened at $17.27 on Tuesday. The stock’s 50-day simple moving average is $17.94 and its two-hundred day simple moving average is $17.21. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 23.04 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.

Broadstone Net Lease (NYSE:BNL) last released 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 business had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. During the same quarter in the previous year, the business posted $0.36 earnings per share. As a group, equities analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 annualized dividend and a dividend yield of 6.72%. Broadstone Net Lease’s payout ratio is 152.63%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BNL shares. Truist Financial boosted their price target on shares of 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 shares of Broadstone Net Lease in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price on the stock. The Goldman Sachs Group raised their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, September 13th. Finally, UBS Group began coverage on shares of Broadstone Net Lease in a report on Thursday, November 14th. They issued a “neutral” rating and a $18.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Broadstone Net Lease currently has a consensus rating of “Hold” and an average target price of $18.20.

Broadstone Net Lease 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.