Fisher Asset Management LLC Sells 93,183 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Fisher Asset Management LLC trimmed its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 22.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 318,032 shares of the company’s stock after selling 93,183 shares during the period. Fisher Asset Management LLC owned about 0.17% of Broadstone Net Lease worth $5,477,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in shares of Broadstone Net Lease by 4.0% in the 3rd quarter. Principal Financial Group Inc. now owns 14,455,891 shares of the company’s stock worth $206,719,000 after acquiring an additional 551,241 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Broadstone Net Lease by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,624,863 shares of the company’s stock worth $37,536,000 after buying an additional 103,079 shares during the last quarter. Aew Capital Management L P increased its position in Broadstone Net Lease by 18.3% during the 4th quarter. Aew Capital Management L P now owns 2,425,180 shares of the company’s stock valued at $41,762,000 after buying an additional 374,290 shares in the last quarter. Northern Trust Corp raised its stake in Broadstone Net Lease by 3.9% during the third quarter. Northern Trust Corp now owns 2,156,654 shares of the company’s stock valued at $30,840,000 after buying an additional 81,612 shares during the last quarter. Finally, Tritonpoint Wealth LLC bought a new stake in Broadstone Net Lease in the fourth quarter worth $29,582,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. TheStreet lowered Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Truist Financial lowered their target price on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a research note on Tuesday, February 27th. Finally, The Goldman Sachs Group assumed coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.75.

Broadstone Net Lease Price Performance

Shares of BNL stock opened at $15.20 on Wednesday. The stock’s 50-day moving average is $14.88 and its 200 day moving average is $15.60. Broadstone Net Lease, Inc. has a 1-year low of $13.68 and a 1-year high of $17.59. The company has a market cap of $2.85 billion, a P/E ratio of 15.83 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $105.37 million during the quarter, compared to analysts’ expectations 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 period last year, the business posted $0.34 earnings per share. On average, analysts anticipate that Broadstone Net Lease, Inc. will post 1.38 EPS for the current year.

Broadstone Net Lease Increases Dividend

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

Insider Transactions at Broadstone Net Lease

In other Broadstone Net Lease news, CFO Kevin Fennell acquired 4,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was acquired at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the transaction, the chief financial officer now directly owns 63,556 shares of the company’s stock, valued at $929,824.28. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Michael A. Coke purchased 10,000 shares of Broadstone Net Lease stock in a transaction dated 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 acquisition, the director now directly owns 34,817 shares in the company, valued at $510,765.39. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin Fennell purchased 4,000 shares of Broadstone Net Lease stock in a transaction dated Monday, February 26th. The shares were purchased at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the transaction, 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. Corporate insiders own 0.81% of the company’s stock.

Broadstone Net Lease 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.