Apollon Wealth Management LLC Acquires 3,862 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Apollon Wealth Management LLC raised its stake in Broadstone Net Lease, Inc. (NYSE:BNL) by 1.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 255,648 shares of the company’s stock after buying an additional 3,862 shares during the quarter. Apollon Wealth Management LLC owned 0.14% of Broadstone Net Lease worth $4,057,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Broadstone Net Lease during the fourth quarter worth about $36,180,000. V3 Capital Management L.P. bought a new position in shares of Broadstone Net Lease in the 1st quarter valued at about $20,747,000. Cbre Investment Management Listed Real Assets LLC raised its stake in Broadstone Net Lease by 74.3% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,860,534 shares of the company’s stock valued at $49,258,000 after buying an additional 1,219,509 shares during the period. Lasalle Investment Management Securities LLC bought a new stake in Broadstone Net Lease in the 1st quarter valued at $18,226,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake 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 worth $18,431,000 after buying an additional 955,066 shares during the last quarter. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Performance

Shares of BNL opened at $17.78 on Tuesday. The firm has a market capitalization of $3.35 billion, a P/E ratio of 18.52 and a beta of 1.11. The stock has a 50 day moving average price of $16.61 and a two-hundred day moving average price of $15.65. Broadstone Net Lease, Inc. has a 52 week low of $13.68 and a 52 week high of $18.10.

Broadstone Net Lease (NYSE:BNL) last announced 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). Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.85%. The business had revenue of $105.91 million during the quarter, compared to the consensus estimate of $105.95 million. During the same quarter last year, the company earned $0.35 EPS. On average, equities analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.53%. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 120.83%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BNL. Truist Financial boosted their target price on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Friday. KeyCorp assumed coverage on shares of Broadstone Net Lease in a research report on Wednesday, June 12th. They set a “sector weight” rating on the stock. Finally, Wedbush started coverage on Broadstone Net Lease in a research note on Monday. They set an “outperform” rating and a $20.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.60.

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.