Bank of Montreal Can Has $645,000 Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Bank of Montreal Can trimmed its stake in Broadstone Net Lease, Inc. (NYSE:BNL) by 19.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,391 shares of the company’s stock after selling 10,000 shares during the quarter. Bank of Montreal Can’s holdings in Broadstone Net Lease were worth $645,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Cohen & Steers Inc. grew its stake in Broadstone Net Lease by 22.4% in the fourth quarter. Cohen & Steers Inc. now owns 3,752,300 shares of the company’s stock valued at $64,615,000 after acquiring an additional 686,765 shares during the period. Pensionfund DSM Netherlands grew its position in Broadstone Net Lease by 7.0% in the 1st quarter. Pensionfund DSM Netherlands now owns 153,000 shares of the company’s stock valued at $2,398,000 after purchasing an additional 10,000 shares during the period. Strategic Advocates LLC bought a new stake in Broadstone Net Lease during the 1st quarter valued at $363,000. Pensionfund Sabic raised its holdings in Broadstone Net Lease by 26.2% during the first quarter. Pensionfund Sabic now owns 77,000 shares of the company’s stock worth $1,207,000 after buying an additional 16,000 shares during the last quarter. Finally, Mather Group LLC. lifted its stake in shares of Broadstone Net Lease by 86.3% in the first quarter. Mather Group LLC. now owns 36,321 shares of the company’s stock valued at $625,000 after buying an additional 16,821 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Broadstone Net Lease Stock Performance

Shares of BNL stock opened at $18.20 on Wednesday. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 18.96 and a beta of 1.11. Broadstone Net Lease, Inc. has a 52-week low of $13.68 and a 52-week high of $19.15. The company has a 50-day simple moving average of $18.11 and a two-hundred day simple moving average of $16.46.

Broadstone Net Lease (NYSE:BNL) last released its 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 net margin of 36.78% and a return on equity of 4.86%. During the same period in the prior year, the company earned $0.35 earnings per share. On average, sell-side analysts forecast that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on BNL shares. KeyCorp began coverage on shares of Broadstone Net Lease in a research report on Wednesday, June 12th. They set a “sector weight” rating for the company. The Goldman Sachs Group boosted their price objective on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. Truist Financial increased their price objective 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, Wedbush assumed coverage on Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Broadstone Net Lease presently has an average rating of “Hold” and a consensus target price 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.