State of New Jersey Common Pension Fund D Sells 61,997 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

State of New Jersey Common Pension Fund D lowered its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 32.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,494 shares of the company’s stock after selling 61,997 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.07% of Broadstone Net Lease worth $2,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BNL. Principal Securities Inc. acquired a new stake in Broadstone Net Lease in the fourth quarter valued at approximately $32,000. Dimensional Fund Advisors LP boosted its position in shares of Broadstone Net Lease by 25.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,332,490 shares of the company’s stock worth $40,166,000 after purchasing an additional 467,919 shares in the last quarter. Norges Bank purchased a new position in Broadstone Net Lease during the 4th quarter worth $36,180,000. Dynamic Technology Lab Private Ltd acquired a new position in Broadstone Net Lease during the 4th quarter valued at about $260,000. Finally, Franklin Resources Inc. raised its stake in Broadstone Net Lease by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 318,197 shares of the company’s stock valued at $5,479,000 after buying an additional 5,329 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Down 0.1 %

Shares of Broadstone Net Lease stock opened at $18.75 on Friday. The firm has a market cap of $3.53 billion, a PE ratio of 19.50 and a beta of 1.11. Broadstone Net Lease, Inc. has a twelve month low of $13.68 and a twelve month high of $19.10. The business has a 50-day moving average price of $17.83 and a 200 day moving average price of $16.10.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15). The company had revenue of $105.91 million during the quarter, compared to analysts’ expectations of $105.95 million. Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. During the same period in the previous year, the firm posted $0.35 EPS. On average, sell-side analysts expect 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 $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.19%. The ex-dividend date is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio is presently 120.83%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BNL shares. KeyCorp started coverage on shares of Broadstone Net Lease in a research note on Wednesday, June 12th. They set a “sector weight” rating on the stock. Wedbush initiated coverage on Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price on the stock. Truist Financial lifted their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Finally, The Goldman Sachs Group increased their price objective on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Broadstone Net Lease presently has a consensus rating of “Hold” and a consensus price target 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.