Nuveen Asset Management LLC lifted its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 14.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,273,760 shares of the company’s stock after purchasing an additional 160,064 shares during the quarter. Nuveen Asset Management LLC owned 0.87% of Broadstone Net Lease worth $26,089,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Valeo Financial Advisors LLC bought a new stake in shares of Broadstone Net Lease in the first quarter worth $25,000. Lazard Asset Management LLC bought a new stake in shares of Broadstone Net Lease in the fourth quarter worth $28,000. Daiwa Securities Group Inc. bought a new stake in shares of Broadstone Net Lease in the first quarter worth $165,000. Citigroup Inc. bought a new stake in shares of Broadstone Net Lease in the fourth quarter worth $176,000. Finally, Crestwood Advisors Group LLC bought a new stake in shares of Broadstone Net Lease in the first quarter worth $184,000. 50.59% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Molly Wiegel sold 4,000 shares of the company’s stock in a transaction dated Thursday, June 10th. The shares were sold at an average price of $24.64, for a total value of $98,560.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Roderick Pickney sold 3,000 shares of the company’s stock in a transaction dated Friday, May 14th. The stock was sold at an average price of $20.76, for a total transaction of $62,280.00. The disclosure for this sale can be found here. Corporate insiders own 3.26% of the company’s stock.
Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings results on Monday, May 3rd. The company reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Broadstone Net Lease had a net margin of 19.19% and a return on equity of 2.52%. Equities research analysts predict that Broadstone Net Lease, Inc. will post 1.35 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, July 15th. Investors of record on Wednesday, June 30th were paid a $0.255 dividend. The ex-dividend date of this dividend was Tuesday, June 29th. This is an increase from Broadstone Net Lease’s previous quarterly dividend of $0.25. This represents a $1.02 annualized dividend and a dividend yield of 4.05%. Broadstone Net Lease’s dividend payout ratio is 72.34%.
A number of brokerages recently weighed in on BNL. Truist boosted their target price on shares of Broadstone Net Lease from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, June 25th. Morgan Stanley boosted their target price on shares of Broadstone Net Lease from $19.00 to $22.00 and gave the stock an “equal weight” rating in a report on Thursday, June 3rd. JPMorgan Chase & Co. downgraded shares of Broadstone Net Lease from an “overweight” rating to a “neutral” rating and set a $25.00 target price on the stock. in a report on Tuesday, June 15th. The Goldman Sachs Group downgraded shares of Broadstone Net Lease from a “buy” rating to a “neutral” rating and set a $26.00 target price on the stock. in a report on Thursday, June 17th. Finally, Zacks Investment Research downgraded shares of Broadstone Net Lease from a “hold” rating to a “sell” rating in a report on Tuesday, May 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $23.17.
Broadstone Net Lease Company Profile
BNL is an internally-managed 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. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting.
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