Zurcher Kantonalbank Zurich Cantonalbank Sells 8,031 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 10.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,153 shares of the company’s stock after selling 8,031 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Broadstone Net Lease were worth $1,208,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in Broadstone Net Lease by 4.0% during 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 during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings 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. Northern Trust Corp boosted its holdings in shares of Broadstone Net Lease by 3.9% in the 3rd quarter. Northern Trust Corp now owns 2,156,654 shares of the company’s stock worth $30,840,000 after buying an additional 81,612 shares during the last quarter. Aew Capital Management L P boosted its holdings in shares of Broadstone Net Lease by 143.0% in the 3rd quarter. Aew Capital Management L P now owns 2,050,890 shares of the company’s stock worth $29,328,000 after buying an additional 1,206,830 shares during the last quarter. Finally, Tritonpoint Wealth LLC purchased a new position in shares of Broadstone Net Lease in the 4th quarter worth about $29,582,000. Institutional investors own 89.07% of the company’s stock.

Insider Activity at Broadstone Net Lease

In related news, CFO Kevin Fennell purchased 4,000 shares of the firm’s 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 completion of the transaction, the chief financial officer now directly owns 63,556 shares in the company, valued at approximately $929,824.28. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Michael A. Coke purchased 10,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were purchased at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the completion of the transaction, the director now directly owns 34,817 shares in the company, valued at approximately $510,765.39. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevin Fennell purchased 4,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were bought at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the transaction, the chief financial officer now 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 company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BNL. Truist Financial cut their price target on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Tuesday, February 27th. TheStreet downgraded shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a report on Thursday, March 7th. They issued a “sell” rating and a $14.00 price target on the stock. Finally, Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. One research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $16.75.

Broadstone Net Lease Stock Performance

Shares of Broadstone Net Lease stock opened at $14.34 on Friday. Broadstone Net Lease, Inc. has a 52-week low of $13.68 and a 52-week high of $17.59. The stock’s 50-day simple moving average is $14.90 and its 200 day simple moving average is $15.56. The stock has a market capitalization of $2.69 billion, a P/E ratio of 17.48 and a beta of 1.09.

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 7.95%. The ex-dividend date of this dividend was Wednesday, March 27th. Broadstone Net Lease’s dividend payout ratio is currently 139.02%.

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.