The Manufacturers Life Insurance Company Boosts Stock Position in Broadstone Net Lease, Inc. (NYSE:BNL)

The Manufacturers Life Insurance Company boosted its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,759 shares of the company’s stock after purchasing an additional 3,263 shares during the period. The Manufacturers Life Insurance Company owned about 0.05% of Broadstone Net Lease worth $1,631,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BNL. Arden Trust Co purchased a new position in Broadstone Net Lease in the second quarter worth $180,000. Xponance Inc. boosted its position in Broadstone Net Lease by 5.1% in the second quarter. Xponance Inc. now owns 11,922 shares of the company’s stock worth $189,000 after purchasing an additional 580 shares during the last quarter. Versor Investments LP purchased a new position in Broadstone Net Lease in the second quarter worth $205,000. Pasadena Private Wealth LLC boosted its position in Broadstone Net Lease by 12.2% in the first quarter. Pasadena Private Wealth LLC now owns 13,330 shares of the company’s stock worth $209,000 after purchasing an additional 1,449 shares during the last quarter. Finally, Covestor Ltd lifted its position in shares of Broadstone Net Lease by 53.4% during the 1st quarter. Covestor Ltd now owns 13,406 shares of the company’s stock valued at $210,000 after buying an additional 4,669 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Wall Street Analysts Forecast Growth

BNL has been the topic of a number of recent research reports. The Goldman Sachs Group upped their price target on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, September 13th. Wedbush initiated coverage on Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, Truist Financial upped their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Broadstone Net Lease has an average rating of “Hold” and an average target price of $18.00.

Broadstone Net Lease Stock Performance

Shares of BNL opened at $18.07 on Friday. The stock’s 50-day simple moving average is $18.14 and its 200 day simple moving average is $16.48. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of 18.82 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.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The company had revenue of $105.91 million for 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 last year, the company posted $0.35 EPS. On average, research analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 6.42%. Broadstone Net Lease’s dividend payout ratio (DPR) is 120.83%.

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.