Algert Global LLC Acquires New Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Algert Global LLC acquired a new stake in Broadstone Net Lease, Inc. (NYSE:BNL) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 18,914 shares of the company’s stock, valued at approximately $300,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Broadstone Net Lease by 0.6% in the first quarter. Vanguard Group Inc. now owns 27,962,340 shares of the company’s stock worth $438,170,000 after acquiring an additional 178,102 shares during the last quarter. 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 purchasing an additional 686,765 shares in the last quarter. Millennium Management LLC increased its position in Broadstone Net Lease by 709.4% in the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after purchasing an additional 2,784,878 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of 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 worth $28,047,000 after purchasing an additional 54,885 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Broadstone Net Lease by 159.4% during the 1st quarter. Janus Henderson Group PLC now owns 1,394,892 shares of the company’s stock valued at $21,858,000 after buying an additional 857,141 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Trading Up 0.6 %

Shares of Broadstone Net Lease stock opened at $18.20 on Wednesday. The firm has a fifty day simple moving average of $18.11 and a 200-day simple moving average of $16.46. The stock 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 1-year low of $13.68 and a 1-year high of $19.15.

Broadstone Net Lease (NYSE:BNL) last announced its 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 firm 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 last year, the business earned $0.35 EPS. As a group, research analysts predict that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current 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 paid a dividend of $0.29 per share. The ex-dividend date is Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 6.37%. Broadstone Net Lease’s payout ratio is 120.83%.

Wall Street Analyst Weigh In

A number of research firms recently commented on BNL. KeyCorp initiated coverage on Broadstone Net Lease in a report on Wednesday, June 12th. They issued a “sector weight” rating on the stock. Wedbush started coverage on shares of Broadstone Net Lease in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price target on the stock. Truist Financial lifted their price objective 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. Finally, The Goldman Sachs Group increased 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 investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Broadstone Net Lease has a consensus rating of “Hold” and an average target price of $18.00.

Broadstone Net Lease 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.