Meritage Portfolio Management Sells 368,623 Shares of Broadstone Net Lease, Inc. $BNL

Meritage Portfolio Management decreased its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 95.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,205 shares of the company’s stock after selling 368,623 shares during the period. Meritage Portfolio Management’s holdings in Broadstone Net Lease were worth $307,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Broadstone Net Lease by 8.9% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 41,639 shares of the company’s stock worth $744,000 after acquiring an additional 3,406 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Broadstone Net Lease by 11.4% during the third quarter. State of Alaska Department of Revenue now owns 102,588 shares of the company’s stock valued at $1,831,000 after purchasing an additional 10,491 shares during the last quarter. HB Wealth Management LLC increased its holdings in shares of Broadstone Net Lease by 4.0% in the third quarter. HB Wealth Management LLC now owns 21,351 shares of the company’s stock valued at $382,000 after purchasing an additional 827 shares in the last quarter. KLP Kapitalforvaltning AS raised its position in Broadstone Net Lease by 6.2% in the 3rd quarter. KLP Kapitalforvaltning AS now owns 55,100 shares of the company’s stock worth $998,000 after purchasing an additional 3,200 shares during the last quarter. Finally, Longboard Asset Management LP bought a new position in Broadstone Net Lease in the 3rd quarter worth approximately $210,000. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Trading Up 0.9%

NYSE:BNL opened at $18.71 on Friday. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 39.80 and a beta of 1.01. Broadstone Net Lease, Inc. has a 1-year low of $13.96 and a 1-year high of $18.87. The business’s 50-day moving average price is $17.79 and its two-hundred day moving average price is $17.63.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.23). The company had revenue of $114.17 million during the quarter, compared to the consensus estimate of $111.89 million. Broadstone Net Lease had a net margin of 20.04% and a return on equity of 2.93%. Broadstone Net Lease has set its FY 2025 guidance at 1.490-1.500 EPS. Sell-side analysts predict that Broadstone Net Lease, Inc. will post 1.43 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.29 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.16 annualized dividend and a yield of 6.2%. Broadstone Net Lease’s dividend payout ratio (DPR) is 246.81%.

Analysts Set New Price Targets

A number of brokerages have commented on BNL. Citizens Jmp reiterated a “market outperform” rating and issued a $21.00 price objective on shares of Broadstone Net Lease in a research report on Tuesday, December 2nd. Truist Financial raised their price target on Broadstone Net Lease from $18.00 to $20.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. Morgan Stanley boosted their price objective on Broadstone Net Lease from $18.00 to $19.00 and gave the stock a “positive” rating in a report on Monday, December 29th. BMO Capital Markets restated an “outperform” rating on shares of Broadstone Net Lease in a research report on Thursday, December 4th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of Broadstone Net Lease in a research note on Monday, September 29th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Broadstone Net Lease has an average rating of “Moderate Buy” and an average target price of $19.91.

Broadstone Net Lease Company Profile

Broadstone Net Lease, Inc (NYSE: BNL) is a publicly traded real estate investment trust focused on owning and operating single-tenant commercial properties under long-term net leases. The company specializes in acquiring properties that are leased to creditworthy tenants, allowing it to generate predictable, stable rental income while transferring most operating expenses and responsibilities to its lessees.

Broadstone Net Lease’s portfolio spans a variety of property types, including industrial facilities, distribution centers, manufacturing plants, life science and office buildings, and essential retail locations.