Kovack Advisors Inc. Acquires 2,977 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Kovack Advisors Inc. raised its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 15.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,547 shares of the company’s stock after buying an additional 2,977 shares during the period. Kovack Advisors Inc.’s holdings in Broadstone Net Lease were worth $388,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in BNL. Victory Capital Management Inc. raised its holdings in shares of Broadstone Net Lease by 1.8% in the third quarter. Victory Capital Management Inc. now owns 39,179 shares of the company’s stock valued at $560,000 after purchasing an additional 689 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Broadstone Net Lease by 2.4% in the fourth quarter. Handelsbanken Fonder AB now owns 29,900 shares of the company’s stock valued at $515,000 after purchasing an additional 700 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Broadstone Net Lease by 1.4% in the third quarter. Arizona State Retirement System now owns 53,302 shares of the company’s stock valued at $762,000 after purchasing an additional 720 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Broadstone Net Lease by 4.3% in the third quarter. Van ECK Associates Corp now owns 22,018 shares of the company’s stock valued at $315,000 after purchasing an additional 912 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its holdings in shares of Broadstone Net Lease by 1.1% in the fourth quarter. Perigon Wealth Management LLC now owns 81,773 shares of the company’s stock valued at $1,408,000 after purchasing an additional 915 shares during the last quarter. 89.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on BNL. Truist Financial lowered their target price on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a report on Tuesday, February 27th. The Goldman Sachs Group began coverage on shares of Broadstone Net Lease in a report on Thursday, March 7th. They issued a “sell” rating and a $14.00 target price for the company. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Finally, TheStreet downgraded shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. One investment 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 company presently has a consensus rating of “Hold” and a consensus price target of $16.75.

Broadstone Net Lease Stock Performance

NYSE BNL opened at $14.33 on Monday. 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 simple moving average of $14.90 and a 200 day simple moving average of $15.57. The company has a market capitalization of $2.69 billion, a PE ratio of 17.48 and a beta of 1.09.

Broadstone Net Lease Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a dividend of $0.285 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.14 dividend on an annualized basis and a yield of 7.96%. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 139.03%.

Insider Buying and Selling

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

Broadstone Net Lease Company 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.