Broadstone Net Lease, Inc. (NYSE:BNL) Shares Bought by Cohen & Steers Inc.

Cohen & Steers Inc. raised its position in Broadstone Net Lease, Inc. (NYSE:BNL) by 22.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,752,300 shares of the company’s stock after acquiring an additional 686,765 shares during the quarter. Cohen & Steers Inc.’s holdings in Broadstone Net Lease were worth $64,615,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its holdings in Broadstone Net Lease by 1.8% in the 3rd quarter. Victory Capital Management Inc. now owns 39,179 shares of the company’s stock worth $560,000 after buying an additional 689 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in Broadstone Net Lease by 2.4% in the 4th quarter. Handelsbanken Fonder AB now owns 29,900 shares of the company’s stock worth $515,000 after buying an additional 700 shares during the last quarter. Natixis Advisors L.P. boosted its holdings in Broadstone Net Lease by 1.3% in the 4th quarter. Natixis Advisors L.P. now owns 64,207 shares of the company’s stock worth $1,105,000 after buying an additional 821 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Broadstone Net Lease by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 22,018 shares of the company’s stock worth $315,000 after buying an additional 912 shares during the last quarter. Finally, Perigon Wealth Management LLC boosted its holdings in Broadstone Net Lease by 1.1% in the 4th quarter. Perigon Wealth Management LLC now owns 81,773 shares of the company’s stock worth $1,408,000 after buying an additional 915 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Broadstone Net Lease Price Performance

Shares of BNL stock traded up $0.26 during trading on Wednesday, hitting $15.33. 1,621,402 shares of the stock traded hands, compared to its average volume of 1,204,864. The firm has a market capitalization of $2.89 billion, a P/E ratio of 15.96 and a beta of 1.10. Broadstone Net Lease, Inc. has a 52-week low of $13.68 and a 52-week high of $17.59. The firm’s fifty day moving average price is $15.02 and its 200-day moving average price is $15.70.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $105.37 million for the quarter, compared to analyst estimates of $107.76 million. Broadstone Net Lease had a return on equity of 5.60% and a net margin of 42.23%. During the same quarter in the previous year, the company earned $0.34 earnings per share. As a group, equities research analysts expect that Broadstone Net Lease, Inc. will post 1.38 earnings per share for the current year.

Broadstone Net Lease Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.57%. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29. Broadstone Net Lease’s dividend payout ratio is currently 118.75%.

Analyst Upgrades and Downgrades

BNL has been the topic of several recent research reports. The Goldman Sachs Group initiated coverage on Broadstone Net Lease in a report on Thursday, March 7th. They set a “sell” rating and a $14.00 target price on the stock. KeyCorp initiated coverage on Broadstone Net Lease in a report on Wednesday. They set a “sector weight” rating on the stock. Truist Financial lowered 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. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Finally, TheStreet cut Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Broadstone Net Lease has a consensus rating of “Hold” and an average 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.