Wolverine Asset Management LLC Buys Shares of 42,377 Broadstone Net Lease, Inc. (NYSE:BNL)

Wolverine Asset Management LLC bought a new stake in Broadstone Net Lease, Inc. (NYSE:BNL) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 42,377 shares of the company’s stock, valued at approximately $730,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in shares of Broadstone Net Lease by 4.0% in the third quarter. Principal Financial Group Inc. now owns 14,455,891 shares of the company’s stock worth $206,719,000 after acquiring an additional 551,241 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Broadstone Net Lease by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,624,863 shares of the company’s stock worth $37,536,000 after acquiring an additional 103,079 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Broadstone Net Lease by 3.9% in the third quarter. Northern Trust Corp now owns 2,156,654 shares of the company’s stock worth $30,840,000 after acquiring an additional 81,612 shares in the last quarter. Aew Capital Management L P grew its holdings in shares of Broadstone Net Lease by 143.0% during the third quarter. Aew Capital Management L P now owns 2,050,890 shares of the company’s stock worth $29,328,000 after buying an additional 1,206,830 shares in the last quarter. Finally, Tritonpoint Wealth LLC bought a new position in shares of Broadstone Net Lease during the fourth quarter worth about $29,582,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Truist Financial decreased their price objective on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a report on Tuesday, February 27th. TheStreet downgraded Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Finally, The Goldman Sachs Group initiated coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price target for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $16.75.

Broadstone Net Lease Stock Down 0.7 %

NYSE:BNL opened at $14.35 on Friday. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 17.49 and a beta of 1.09. Broadstone Net Lease, Inc. has a twelve month low of $13.68 and a twelve month high of $17.59. The stock’s 50 day moving average price is $14.96 and its two-hundred day moving average price is $15.57.

Broadstone Net Lease Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a dividend of $0.285 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 annualized dividend and a dividend yield of 7.95%. Broadstone Net Lease’s dividend payout ratio is currently 139.03%.

Insider Transactions at Broadstone Net Lease

In other news, CFO Kevin Fennell purchased 4,000 shares of Broadstone Net Lease stock in a transaction that occurred on Monday, February 26th. The stock was acquired at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the purchase, the chief financial officer now directly owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Kevin Fennell purchased 4,000 shares of Broadstone Net Lease stock in a transaction that occurred on Monday, February 26th. The stock was acquired at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the purchase, the chief financial officer now directly owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael A. Coke purchased 10,000 shares of Broadstone Net Lease stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $14.67 per share, with a total value of $146,700.00. Following the completion of the purchase, the director now directly owns 34,817 shares in the company, valued at $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by corporate insiders.

Broadstone Net Lease Profile

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.