Alesco Advisors LLC Cuts Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Alesco Advisors LLC decreased its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 3.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 154,949 shares of the company’s stock after selling 4,735 shares during the period. Alesco Advisors LLC’s holdings in Broadstone Net Lease were worth $2,668,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Aew Capital Management L P raised its stake in shares of Broadstone Net Lease by 18.3% during the fourth quarter. Aew Capital Management L P now owns 2,425,180 shares of the company’s stock valued at $41,762,000 after purchasing an additional 374,290 shares during the period. Kovack Advisors Inc. raised its stake in shares of Broadstone Net Lease by 15.2% during the fourth quarter. Kovack Advisors Inc. now owns 22,547 shares of the company’s stock valued at $388,000 after purchasing an additional 2,977 shares during the period. Wolverine Asset Management LLC purchased a new stake in shares of Broadstone Net Lease during the fourth quarter valued at approximately $730,000. New York State Common Retirement Fund raised its stake in shares of Broadstone Net Lease by 7.2% during the fourth quarter. New York State Common Retirement Fund now owns 77,336 shares of the company’s stock valued at $1,332,000 after purchasing an additional 5,201 shares during the period. Finally, California Public Employees Retirement System raised its stake in shares of Broadstone Net Lease by 1.7% during the fourth quarter. California Public Employees Retirement System now owns 300,158 shares of the company’s stock valued at $5,169,000 after purchasing an additional 5,153 shares during the period. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on BNL. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. Truist Financial dropped their price target on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a research note on Tuesday, February 27th. The Goldman Sachs Group began coverage on shares of Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price target for the company. Finally, TheStreet lowered shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $16.75.

Broadstone Net Lease Trading Down 0.1 %

Broadstone Net Lease stock traded down $0.01 during mid-day trading on Friday, reaching $14.34. The company’s stock had a trading volume of 863,396 shares, compared to its average volume of 1,267,809. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 17.48 and a beta of 1.09. The business has a 50 day moving average price of $14.90 and a 200-day moving average price of $15.56. Broadstone Net Lease, Inc. has a twelve month low of $13.68 and a twelve month high of $17.59.

Broadstone Net Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued 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 presently 139.02%.

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.