Jennison Associates LLC Invests $1.05 Million in Broadstone Net Lease, Inc. (NYSE:BNL)

Jennison Associates LLC acquired a new stake in Broadstone Net Lease, Inc. (NYSE:BNL) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 60,809 shares of the company’s stock, valued at approximately $1,047,000.

Several other institutional investors and hedge funds have also modified their holdings of BNL. SG Americas Securities LLC grew its position in shares of Broadstone Net Lease by 104.4% in the 3rd quarter. SG Americas Securities LLC now owns 57,315 shares of the company’s stock valued at $820,000 after purchasing an additional 29,280 shares during the period. State of Alaska Department of Revenue grew its position in shares of Broadstone Net Lease by 1.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 89,237 shares of the company’s stock valued at $1,276,000 after purchasing an additional 1,202 shares during the period. Valeo Financial Advisors LLC acquired a new position in shares of Broadstone Net Lease in the 3rd quarter valued at approximately $508,000. Armor Investment Advisors LLC acquired a new position in shares of Broadstone Net Lease in the 3rd quarter valued at approximately $963,000. Finally, New York State Teachers Retirement System grew its position in shares of Broadstone Net Lease by 8.4% in the 3rd quarter. New York State Teachers Retirement System now owns 16,701 shares of the company’s stock valued at $239,000 after purchasing an additional 1,294 shares during the period. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadstone Net Lease

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

Broadstone Net Lease Stock Down 0.1 %

Shares of Broadstone Net Lease stock opened at $14.33 on Friday. Broadstone Net Lease, Inc. has a 12-month low of $13.68 and a 12-month high of $17.59. The stock has a market cap of $2.69 billion, a P/E ratio of 17.48 and a beta of 1.09. The business’s 50 day moving average is $14.90 and its 200-day moving average is $15.57.

Broadstone Net Lease Dividend Announcement

The business also recently disclosed 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. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.96%. The ex-dividend date was Wednesday, March 27th. Broadstone Net Lease’s dividend payout ratio is currently 139.03%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BNL shares. 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 research report on Tuesday, February 27th. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. TheStreet cut Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. Finally, The Goldman Sachs Group began coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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.