Arizona State Retirement System Reduces Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Arizona State Retirement System decreased its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 52,351 shares of the company’s stock after selling 951 shares during the quarter. Arizona State Retirement System’s holdings in Broadstone Net Lease were worth $901,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. State of Wyoming purchased a new position in shares of Broadstone Net Lease during the second quarter worth about $26,000. Lazard Asset Management LLC purchased a new position in shares of Broadstone Net Lease during the second quarter worth about $30,000. Castleview Partners LLC purchased a new position in shares of Broadstone Net Lease during the third quarter worth about $36,000. FMR LLC grew its holdings in shares of Broadstone Net Lease by 67.8% during the second quarter. FMR LLC now owns 1,903 shares of the company’s stock worth $39,000 after buying an additional 769 shares during the last quarter. Finally, Comerica Bank grew its holdings in shares of Broadstone Net Lease by 1,195.0% during the third quarter. Comerica Bank now owns 4,649 shares of the company’s stock worth $66,000 after buying an additional 4,290 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Insider Activity at Broadstone Net Lease

In related news, CFO Kevin Fennell purchased 4,000 shares of Broadstone Net Lease stock in a transaction dated Monday, February 26th. The stock was bought at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the transaction, the chief financial officer now owns 63,556 shares in the company, valued at $929,824.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Michael A. Coke purchased 10,000 shares of Broadstone Net Lease 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 transaction, the director now owns 34,817 shares in the company, valued at $510,765.39. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin Fennell purchased 4,000 shares of Broadstone Net Lease stock in a transaction dated Monday, February 26th. The shares were bought at an average price of $14.63 per share, with a total value of $58,520.00. Following the completion of the transaction, the chief financial officer now owns 63,556 shares in the company, valued at approximately $929,824.28. The disclosure for this purchase can be found here. 0.81% of the stock is owned by insiders.

Broadstone Net Lease Stock Down 0.7 %

Shares of NYSE:BNL opened at $14.36 on Wednesday. The company has a market cap of $2.70 billion, a P/E ratio of 17.51 and a beta of 1.09. Broadstone Net Lease, Inc. has a 52 week low of $13.68 and a 52 week high of $17.59. The company has a 50-day moving average price of $15.12 and a 200 day moving average price of $15.57.

Broadstone Net Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a $0.285 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 dividend on an annualized basis and a yield of 7.94%. Broadstone Net Lease’s payout ratio is currently 139.03%.

Wall Street Analysts Forecast Growth

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

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.