Intech Investment Management LLC Takes Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Intech Investment Management LLC purchased a new position in Broadstone Net Lease, Inc. (NYSE:BNL) during the third quarter, Holdings Channel reports. The fund purchased 33,383 shares of the company’s stock, valued at approximately $633,000.

Other institutional investors have also recently made changes to their positions in the company. Natixis Advisors LLC raised its holdings in Broadstone Net Lease by 63.2% during the 3rd quarter. Natixis Advisors LLC now owns 114,272 shares of the company’s stock valued at $2,165,000 after buying an additional 44,264 shares during the last quarter. Legato Capital Management LLC purchased a new stake in shares of Broadstone Net Lease during the second quarter worth about $1,404,000. Sei Investments Co. grew its stake in shares of Broadstone Net Lease by 20.8% in the second quarter. Sei Investments Co. now owns 545,556 shares of the company’s stock worth $8,658,000 after purchasing an additional 94,092 shares during the last quarter. Victory Capital Management Inc. increased its holdings in 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 valued at $17,040,000 after purchasing an additional 1,029,048 shares during the period. Finally, Meritage Portfolio Management bought a new position in Broadstone Net Lease during the 3rd quarter valued at approximately $5,610,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Trading Down 0.1 %

Shares of BNL stock opened at $17.51 on Friday. The company’s fifty day moving average price is $17.94 and its 200-day moving average price is $17.19. The stock has a market cap of $3.30 billion, a PE ratio of 23.04 and a beta of 1.12. Broadstone Net Lease, Inc. has a 12 month low of $14.20 and a 12 month high of $19.15.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The business had revenue of $108.40 million for the quarter, compared to the consensus estimate of $106.47 million. During the same period in the previous year, the firm earned $0.36 EPS. On average, sell-side analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 6.62%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 152.63%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BNL. The Goldman Sachs Group lifted their price objective on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday, September 13th. UBS Group assumed coverage on shares of Broadstone Net Lease in a research report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price objective on the stock. Truist Financial raised their target price on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Finally, Wedbush began coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.20.

About Broadstone Net Lease

Broadstone Net Lease, Inc (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation’s operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties.