Broadstone Net Lease, Inc. (NYSE:BNL) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management cut its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 4.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,186 shares of the company’s stock after selling 1,196 shares during the quarter. Ritholtz Wealth Management’s holdings in Broadstone Net Lease were worth $384,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Van ECK Associates Corp grew its stake in Broadstone Net Lease by 7.0% during the 2nd quarter. Van ECK Associates Corp now owns 28,861 shares of the company’s stock worth $458,000 after buying an additional 1,894 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Broadstone Net Lease by 3.5% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 34,455 shares of the company’s stock worth $547,000 after acquiring an additional 1,163 shares during the last quarter. HB Wealth Management LLC increased its holdings in shares of Broadstone Net Lease by 4.8% in the 2nd quarter. HB Wealth Management LLC now owns 21,178 shares of the company’s stock worth $336,000 after acquiring an additional 967 shares during the period. Legato Capital Management LLC bought a new stake in Broadstone Net Lease in the 2nd quarter valued at about $1,404,000. Finally, Bank of New York Mellon Corp boosted its stake in Broadstone Net Lease by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,767,296 shares of the company’s stock valued at $28,047,000 after purchasing an additional 54,885 shares during the period. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Broadstone Net Lease Price Performance

BNL opened at $18.22 on Friday. The business has a 50 day moving average price of $17.31 and a two-hundred day moving average price of $15.86. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 18.98 and a beta of 1.11. Broadstone Net Lease, Inc. has a 1-year low of $13.68 and a 1-year high of $18.72.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Tuesday, July 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 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 the consensus estimate of $105.95 million. During the same period in the prior year, the business earned $0.35 EPS. Equities analysts expect that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.37%. Broadstone Net Lease’s payout ratio is currently 120.83%.

Analyst Ratings Changes

Several equities research analysts have commented on BNL shares. Truist Financial raised 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 note on Friday, August 16th. Wedbush began coverage on Broadstone Net Lease in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, KeyCorp initiated coverage on Broadstone Net Lease in a research note on Wednesday, June 12th. They issued a “sector weight” rating for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.60.

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.