Allspring Global Investments Holdings LLC Raises Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Allspring Global Investments Holdings LLC increased its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 250.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,281 shares of the company’s stock after purchasing an additional 18,782 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Broadstone Net Lease were worth $453,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Castleview Partners LLC purchased a new position in Broadstone Net Lease in the 3rd quarter worth $36,000. Covestor Ltd increased its position in shares of Broadstone Net Lease by 123.1% in the third quarter. Covestor Ltd now owns 5,167 shares of the company’s stock valued at $74,000 after acquiring an additional 2,851 shares during the period. Evergreen Capital Management LLC purchased a new position in shares of Broadstone Net Lease in the third quarter valued at about $147,000. Advisor Partners II LLC purchased a new position in shares of Broadstone Net Lease in the third quarter valued at about $152,000. Finally, Sanchez Wealth Management Group purchased a new position in shares of Broadstone Net Lease in the third quarter valued at about $166,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Truist Financial decreased their price objective on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a research report on Tuesday, February 27th. TheStreet cut 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 initiated coverage on shares of Broadstone Net Lease in a research report on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective on the stock. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $16.75.

Insider Buying and Selling

In other Broadstone Net Lease news, Director Michael A. Coke acquired 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, with a total value 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 approximately $510,765.39. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadstone Net Lease news, CFO Kevin Fennell acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were acquired at an average price of $14.63 per share, with a total value of $58,520.00. Following the completion of the purchase, the chief financial officer now directly owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael A. Coke bought 10,000 shares of the company’s 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 purchase, the director now owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by insiders.

Broadstone Net Lease Price Performance

Shares of NYSE BNL opened at $14.35 on Friday. Broadstone Net Lease, Inc. has a 1 year low of $13.68 and a 1 year high of $17.59. The company’s 50-day moving average is $14.96 and its 200 day moving average is $15.57. The stock has a market capitalization of $2.69 billion, a P/E ratio of 17.49 and a beta of 1.09.

Broadstone Net Lease Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 7.95%. The ex-dividend date was Wednesday, March 27th. Broadstone Net Lease’s payout ratio is currently 139.03%.

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.