Commonwealth Equity Services LLC Reduces Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Commonwealth Equity Services LLC lowered its stake in Broadstone Net Lease, Inc. (NYSE:BNL) by 2.2% in the 2nd quarter, Holdings Channel reports. The firm owned 98,355 shares of the company’s stock after selling 2,178 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Broadstone Net Lease were worth $1,561,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in Broadstone Net Lease by 12.2% in the fourth quarter. Victory Capital Management Inc. now owns 43,950 shares of the company’s stock worth $757,000 after buying an additional 4,771 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Broadstone Net Lease by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,788,999 shares of the company’s stock valued at $48,027,000 after purchasing an additional 164,136 shares during the last quarter. Principal Securities Inc. purchased a new position in shares of Broadstone Net Lease during the fourth quarter valued at approximately $32,000. QRG Capital Management Inc. bought a new position in Broadstone Net Lease in the 4th quarter worth $232,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Broadstone Net Lease by 25.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,332,490 shares of the company’s stock valued at $40,166,000 after buying an additional 467,919 shares during the period. Institutional investors own 89.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BNL. Wedbush started coverage on Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target on the stock. KeyCorp initiated coverage on shares of Broadstone Net Lease in a research note on Wednesday, June 12th. They set a “sector weight” rating on the stock. Truist Financial raised 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. Finally, The Goldman Sachs Group increased their price target on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Broadstone Net Lease has an average rating of “Hold” and a consensus price target of $18.00.

Broadstone Net Lease Stock Performance

Shares of BNL stock opened at $18.64 on Friday. The stock has a fifty day simple moving average of $17.62 and a two-hundred day simple moving average of $16.01. The firm has a market capitalization of $3.51 billion, a PE ratio of 19.42 and a beta of 1.11. Broadstone Net Lease, Inc. has a 52-week low of $13.68 and a 52-week high of $18.72.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results 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 4.86%. The company had revenue of $105.91 million during the quarter, compared to the consensus estimate of $105.95 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. On average, sell-side analysts forecast that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.29 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.22%. Broadstone Net Lease’s payout ratio is currently 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.