Exchange Traded Concepts LLC Sells 17,902 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Exchange Traded Concepts LLC reduced its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 13.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 115,793 shares of the company’s stock after selling 17,902 shares during the period. Exchange Traded Concepts LLC owned approximately 0.06% of Broadstone Net Lease worth $2,194,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Broadstone Net Lease by 431.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,176,195 shares of the company’s stock worth $18,431,000 after purchasing an additional 955,066 shares during the last quarter. Prevail Innovative Wealth Advisors LLC bought a new position in Broadstone Net Lease during the first quarter worth about $1,716,000. Legato Capital Management LLC acquired a new position in shares of Broadstone Net Lease during the 2nd quarter worth about $1,404,000. Sei Investments Co. grew its position in shares of Broadstone Net Lease by 20.8% during the 2nd quarter. Sei Investments Co. now owns 545,556 shares of the company’s stock worth $8,658,000 after buying an additional 94,092 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Broadstone Net Lease by 2,302.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock valued at $17,040,000 after acquiring an additional 1,029,048 shares during the last quarter. 89.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Truist Financial boosted their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a report on Friday, August 16th. The Goldman Sachs Group boosted their price target on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, September 13th. Finally, Wedbush began coverage on Broadstone Net Lease in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $18.00.

Broadstone Net Lease Stock Up 0.9 %

Shares of NYSE:BNL opened at $18.31 on Tuesday. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 19.07 and a beta of 1.11. Broadstone Net Lease, Inc. has a 12 month low of $13.68 and a 12 month high of $19.15. The company’s fifty day simple moving average is $18.19 and its 200 day simple moving average is $16.54.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. The firm had revenue of $105.91 million for the quarter, compared to analyst estimates of $105.95 million. During the same period in the prior year, the company earned $0.35 earnings per share. Research analysts expect that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.34%. The ex-dividend date is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio is presently 120.83%.

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.