Wealth Enhancement Advisory Services LLC Lowers Stock Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Wealth Enhancement Advisory Services LLC lessened its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 13.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 370,901 shares of the company’s stock after selling 59,168 shares during the period. Wealth Enhancement Advisory Services LLC owned about 0.20% of Broadstone Net Lease worth $5,812,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Principal Securities Inc. purchased a new stake in Broadstone Net Lease during the fourth quarter valued at approximately $32,000. Federated Hermes Inc. acquired a new position in Broadstone Net Lease during the 4th quarter valued at approximately $49,000. Tennessee Valley Asset Management Partners acquired a new position in Broadstone Net Lease during the 4th quarter valued at approximately $86,000. Evergreen Capital Management LLC acquired a new position in Broadstone Net Lease during the 3rd quarter valued at approximately $147,000. Finally, Quotient Wealth Partners LLC acquired a new position in Broadstone Net Lease during the 4th quarter valued at approximately $186,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Performance

Shares of NYSE BNL opened at $15.65 on Tuesday. The company’s fifty day moving average price is $15.26 and its 200 day moving average price is $15.61. Broadstone Net Lease, Inc. has a 1 year low of $13.68 and a 1 year high of $17.59. The company has a market capitalization of $2.95 billion, a PE ratio of 16.30 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. The firm had revenue of $105.37 million for the quarter, compared to the consensus estimate of $107.76 million. During the same period in the prior year, the firm posted $0.34 earnings per share. On average, equities analysts expect that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, June 28th. This is an increase from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 dividend on an annualized basis and a yield of 7.41%. Broadstone Net Lease’s dividend payout ratio is 120.83%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. KeyCorp assumed coverage on shares of Broadstone Net Lease in a research note on Wednesday, June 12th. They set a “sector weight” rating on the stock. Finally, The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a research note on Thursday, March 7th. They set a “sell” rating and a $14.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $16.75.

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.