Summit Global Investments Trims Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Summit Global Investments trimmed its position in Broadstone Net Lease, Inc. (NYSE:BNL) by 14.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,258 shares of the company’s stock after selling 5,187 shares during the quarter. Summit Global Investments’ holdings in Broadstone Net Lease were worth $538,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BNL. Castleview Partners LLC purchased a new stake in Broadstone Net Lease in the 3rd quarter worth approximately $36,000. Federated Hermes Inc. purchased a new position in shares of Broadstone Net Lease in the fourth quarter worth about $49,000. Covestor Ltd lifted its stake in shares of Broadstone Net Lease by 123.1% in the 3rd quarter. Covestor Ltd now owns 5,167 shares of the company’s stock valued at $74,000 after acquiring an additional 2,851 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new position in Broadstone Net Lease during the 4th quarter worth approximately $86,000. Finally, Evergreen Capital Management LLC purchased a new position in Broadstone Net Lease in the 3rd quarter worth approximately $147,000. 89.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, Director Michael A. Coke acquired 10,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $14.67 per share, for a total transaction of $146,700.00. Following the completion of the acquisition, the director now owns 34,817 shares in the company, valued at $510,765.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadstone Net Lease news, CFO Kevin Fennell bought 4,000 shares of the stock in a transaction dated Monday, February 26th. The stock was purchased at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the acquisition, the chief financial officer now owns 63,556 shares of the company’s stock, valued at $929,824.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael A. Coke purchased 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was bought at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the completion of the transaction, the director now owns 34,817 shares in the company, valued at $510,765.39. The disclosure for this purchase can be found here. Company insiders own 0.62% of the company’s stock.

Broadstone Net Lease Stock Down 0.1 %

NYSE:BNL opened at $15.23 on Friday. The firm’s fifty day simple moving average is $14.86 and its 200 day simple moving average is $15.57. The stock has a market cap of $2.86 billion, a P/E ratio of 15.86 and a beta of 1.10. Broadstone Net Lease, Inc. has a twelve month low of $13.68 and a twelve month high of $17.59.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.59%. The firm had revenue of $105.37 million for the quarter, compared to analyst estimates of $107.76 million. During the same quarter in the previous year, the firm posted $0.34 EPS. On average, analysts expect that Broadstone Net Lease, Inc. will post 1.38 EPS for the current fiscal year.

Broadstone Net Lease Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 7.62%. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, June 28th. Broadstone Net Lease’s payout ratio is presently 118.75%.

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.