Algert Global LLC Buys New Shares in Broadstone Net Lease, Inc. (NYSE:BNL)

Algert Global LLC purchased a new position in Broadstone Net Lease, Inc. (NYSE:BNL) during the 2nd quarter, Holdings Channel reports. The firm purchased 18,914 shares of the company’s stock, valued at approximately $300,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Millennium Management LLC raised its position in shares of Broadstone Net Lease by 709.4% during the second quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after buying an additional 2,784,878 shares during the last quarter. V3 Capital Management L.P. acquired 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 stake in shares of Broadstone Net Lease in the 1st quarter worth approximately $18,226,000. Victory Capital Management Inc. grew its holdings in shares of Broadstone Net Lease by 2,302.8% during the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock worth $17,040,000 after purchasing an additional 1,029,048 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew 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 worth $18,431,000 after purchasing an additional 955,066 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL opened at $18.20 on Wednesday. The company has a market capitalization of $3.43 billion, a PE ratio of 18.96 and a beta of 1.11. The company’s fifty day moving average is $18.11 and its 200-day moving average is $16.46. Broadstone Net Lease, Inc. has a 52 week low of $13.68 and a 52 week high of $19.15.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). The firm had revenue of $105.91 million for the quarter, compared to the consensus estimate of $105.95 million. Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. During the same period in the prior year, the company posted $0.35 earnings per share. On average, analysts forecast that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 6.37%. Broadstone Net Lease’s dividend payout ratio is 120.83%.

Wall Street Analyst Weigh In

Several brokerages recently commented on BNL. Truist Financial raised their target price on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. KeyCorp initiated coverage on shares of Broadstone Net Lease in a report on Wednesday, June 12th. They set a “sector weight” rating for the company. The Goldman Sachs Group lifted their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, September 13th. Finally, Wedbush began coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.00.

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.