Fisher Asset Management LLC Has $5.48 Million Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Fisher Asset Management LLC lessened its position in Broadstone Net Lease, Inc. (NYSE:BNL) by 22.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 318,032 shares of the company’s stock after selling 93,183 shares during the quarter. Fisher Asset Management LLC’s holdings in Broadstone Net Lease were worth $5,477,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Castleview Partners LLC acquired a new stake in shares of Broadstone Net Lease in the third quarter valued at about $36,000. Federated Hermes Inc. bought a new stake in shares of Broadstone Net Lease during the 4th quarter worth approximately $49,000. Covestor Ltd boosted its holdings in shares of Broadstone Net Lease by 123.1% in the 3rd quarter. Covestor Ltd now owns 5,167 shares of the company’s stock valued at $74,000 after buying an additional 2,851 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new position in shares of Broadstone Net Lease in the fourth quarter valued at $86,000. Finally, Evergreen Capital Management LLC acquired a new position in Broadstone Net Lease during the third quarter worth $147,000. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Down 1.4 %

Shares of BNL stock opened at $15.20 on Wednesday. Broadstone Net Lease, Inc. has a 12-month low of $13.68 and a 12-month high of $17.59. The company has a market capitalization of $2.85 billion, a PE ratio of 15.83 and a beta of 1.10. The firm has a 50 day moving average price of $14.88 and a two-hundred day moving average price of $15.60.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. Broadstone Net Lease had a return on equity of 5.60% and a net margin of 42.23%. The business had revenue of $105.37 million during the quarter, compared to analysts’ expectations of $107.76 million. During the same period last year, the firm posted $0.34 EPS. As a group, research analysts expect that Broadstone Net Lease, Inc. will post 1.38 EPS for the current year.

Broadstone Net Lease Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.29 dividend. The ex-dividend date is Friday, June 28th. This is an increase from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 annualized dividend and a dividend yield of 7.63%. Broadstone Net Lease’s dividend payout ratio is 118.75%.

Insider Buying and Selling

In other Broadstone Net Lease news, CFO Kevin Fennell acquired 4,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was purchased at an average price of $14.63 per share, with a total value of $58,520.00. Following the acquisition, the chief financial officer now directly owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Kevin Fennell acquired 4,000 shares of the stock in a transaction on Monday, February 26th. The shares were purchased 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 $929,824.28. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael A. Coke bought 10,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were bought at an average price of $14.67 per share, with a total value of $146,700.00. Following the completion of the transaction, the director now owns 34,817 shares in the company, valued at approximately $510,765.39. The disclosure for this purchase can be found here. 0.81% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BNL. TheStreet downgraded shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. The Goldman Sachs Group assumed coverage on Broadstone Net Lease in a report on Thursday, March 7th. They set a “sell” rating and a $14.00 price target for the company. Wolfe Research reaffirmed a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Finally, Truist Financial decreased their target price on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Broadstone Net Lease presently has a consensus rating of “Hold” and a consensus price target of $16.75.

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.