Creative Planning Sells 31,627 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Creative Planning lowered its stake in Broadstone Net Lease, Inc. (NYSE:BNL) by 5.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 582,893 shares of the company’s stock after selling 31,627 shares during the period. Creative Planning owned approximately 0.31% of Broadstone Net Lease worth $11,046,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BNL. Millennium Management LLC increased its holdings 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 purchasing an additional 2,784,878 shares during the period. V3 Capital Management L.P. bought a new position in Broadstone Net Lease in the 1st quarter valued at approximately $20,747,000. Lasalle Investment Management Securities LLC bought a new position in Broadstone Net Lease in the 1st quarter valued at approximately $18,226,000. Victory Capital Management Inc. lifted its position in Broadstone Net Lease by 2,302.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock valued at $17,040,000 after acquiring an additional 1,029,048 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of 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. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Down 0.2 %

BNL opened at $18.35 on Wednesday. The firm has a 50-day simple moving average of $18.33 and a two-hundred day simple moving average of $16.66. Broadstone Net Lease, Inc. has a 52 week low of $13.68 and a 52 week high of $19.15. The company has a market capitalization of $3.46 billion, a PE ratio of 19.11 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.86%. The business had revenue of $105.91 million during the quarter, compared to the consensus estimate of $105.95 million. During the same period in the previous year, the business posted $0.35 EPS. As a group, sell-side analysts expect 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 declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.32%. The ex-dividend date of this dividend was Monday, September 30th. Broadstone Net Lease’s payout ratio is 120.83%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BNL. The Goldman Sachs Group increased their price target on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, September 13th. Wedbush assumed coverage on Broadstone Net Lease in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Truist Financial increased their price target 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. One equities 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.25.

Broadstone Net Lease Company Profile

Broadstone Net Lease, Inc (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation’s operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties.