The Manufacturers Life Insurance Company Purchases 3,263 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

The Manufacturers Life Insurance Company grew its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 3.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 102,759 shares of the company’s stock after purchasing an additional 3,263 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Broadstone Net Lease were worth $1,631,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of BNL. Arden Trust Co bought a new position in shares of Broadstone Net Lease during the 2nd quarter valued at about $180,000. Xponance Inc. increased its position in shares of Broadstone Net Lease by 5.1% during the 2nd quarter. Xponance Inc. now owns 11,922 shares of the company’s stock valued at $189,000 after purchasing an additional 580 shares during the last quarter. Versor Investments LP bought a new position in shares of Broadstone Net Lease during the 2nd quarter valued at about $205,000. Pasadena Private Wealth LLC increased its position in shares of Broadstone Net Lease by 12.2% during the 1st quarter. Pasadena Private Wealth LLC now owns 13,330 shares of the company’s stock valued at $209,000 after purchasing an additional 1,449 shares during the last quarter. Finally, Covestor Ltd increased its position in shares of Broadstone Net Lease by 53.4% during the 1st quarter. Covestor Ltd now owns 13,406 shares of the company’s stock valued at $210,000 after purchasing an additional 4,669 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Stock Performance

NYSE BNL opened at $18.07 on Friday. Broadstone Net Lease, Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $19.15. The stock has a 50 day simple moving average of $18.14 and a two-hundred day simple moving average of $16.48. The stock has a market cap of $3.40 billion, a P/E ratio of 18.82 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last released 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). Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. The business had revenue of $105.91 million during the quarter, compared to analysts’ expectations of $105.95 million. During the same quarter last year, the business posted $0.35 EPS. Sell-side analysts predict that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current 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 issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.42%. The ex-dividend date is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 120.83%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group increased their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, September 13th. Wedbush assumed coverage on Broadstone Net Lease in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price for the company. Finally, Truist Financial increased their target price on Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Broadstone Net Lease presently has a consensus rating of “Hold” and an average target price 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.