Kestra Investment Management LLC Purchases Shares of 30,285 Broadstone Net Lease, Inc. (NYSE:BNL)

Kestra Investment Management LLC acquired a new position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 30,285 shares of the company’s stock, valued at approximately $574,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Millennium Management LLC raised its stake in Broadstone Net Lease by 709.4% during the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after acquiring an additional 2,784,878 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Broadstone Net Lease by 3.2% during the second quarter. Bank of New York Mellon Corp now owns 1,767,296 shares of the company’s stock valued at $28,047,000 after purchasing an additional 54,885 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Broadstone Net Lease by 35.5% during the third quarter. Victory Capital Management Inc. now owns 1,454,507 shares of the company’s stock valued at $27,563,000 after purchasing an additional 380,772 shares in the last quarter. Sage Advisors LLC lifted its holdings in Broadstone Net Lease by 2.7% in the third quarter. Sage Advisors LLC now owns 932,736 shares of the company’s stock worth $17,675,000 after purchasing an additional 24,670 shares during the period. Finally, Sei Investments Co. grew its position in Broadstone Net Lease by 20.8% in the 2nd quarter. Sei Investments Co. now owns 545,556 shares of the company’s stock valued at $8,658,000 after buying an additional 94,092 shares in the last quarter. 89.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. UBS Group started 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 target on the stock. The Goldman Sachs Group boosted their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. Truist Financial increased their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, Wedbush initiated coverage on Broadstone Net Lease in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective on the stock. One 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.20.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL opened at $17.51 on Monday. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 23.04 and a beta of 1.12. Broadstone Net Lease, Inc. has a 1-year low of $14.20 and a 1-year high of $19.15. The company has a 50 day moving average price of $17.94 and a 200 day moving average price of $17.20.

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

Broadstone Net Lease Dividend Announcement

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

Broadstone Net Lease Profile

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.