Quarry LP Acquires 1,232 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Quarry LP lifted its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 93.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,556 shares of the company’s stock after purchasing an additional 1,232 shares during the period. Quarry LP’s holdings in Broadstone Net Lease were worth $41,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Millennium Management LLC boosted its position in Broadstone Net Lease by 709.4% during the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after buying an additional 2,784,878 shares during the period. V3 Capital Management L.P. purchased a new stake in Broadstone Net Lease during the 1st quarter valued at $20,747,000. Lasalle Investment Management Securities LLC purchased a new stake in Broadstone Net Lease during the 1st quarter valued at $18,226,000. Victory Capital Management Inc. boosted its position in Broadstone Net Lease by 2,302.8% during the 2nd 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 period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Broadstone Net Lease by 431.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,176,195 shares of the company’s stock valued at $18,431,000 after buying an additional 955,066 shares during the period. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Price Performance

Shares of Broadstone Net Lease stock opened at $18.17 on Friday. The company has a 50-day moving average of $18.10 and a 200 day moving average of $16.40. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 18.93 and a beta of 1.11. Broadstone Net Lease, Inc. has a 1 year low of $13.68 and a 1 year high of $19.15.

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). The business had revenue of $105.91 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned $0.35 earnings per share. On average, equities analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.29 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 6.38%. Broadstone Net Lease’s payout ratio is 120.83%.

Analyst Upgrades and Downgrades

BNL has been the subject of several analyst reports. Wedbush initiated coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target for the company. Truist Financial raised their target price on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. KeyCorp assumed coverage on shares of Broadstone Net Lease in a research report on Wednesday, June 12th. They issued a “sector weight” rating for the company. Finally, The Goldman Sachs Group raised their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Broadstone Net Lease has a consensus rating of “Hold” and an average target price of $18.00.

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.