Knights of Columbus Asset Advisors LLC raised its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL – Free Report) by 80.3% in the third quarter, Holdings Channel reports. The institutional investor owned 136,326 shares of the company’s stock after buying an additional 60,732 shares during the quarter. Knights of Columbus Asset Advisors LLC’s holdings in Broadstone Net Lease were worth $2,522,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP bought a new stake in Broadstone Net Lease in the second quarter worth $34,000. Signature Equity Partners LLC grew its stake in shares of Broadstone Net Lease by 3,743.4% in the third quarter. Signature Equity Partners LLC now owns 2,037 shares of the company’s stock worth $38,000 after acquiring an additional 1,984 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Broadstone Net Lease during the second quarter valued at $74,000. Nykredit A S bought a new position in shares of Broadstone Net Lease during the second quarter valued at $91,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Broadstone Net Lease by 33.8% during the first quarter. EverSource Wealth Advisors LLC now owns 7,075 shares of the company’s stock valued at $129,000 after acquiring an additional 1,788 shares in the last quarter. 89.07% of the stock is owned by institutional investors.
Insider Activity
In other Broadstone Net Lease news, Director Richard Imperiale acquired 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were bought at an average cost of $21.22 per share, with a total value of $106,100.00. Following the completion of the transaction, the director directly owned 26,250 shares of the company’s stock, valued at approximately $557,025. This represents a 23.53% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.02% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the company. Truist Financial raised Broadstone Net Lease from a “hold” rating to a “buy” rating and lowered their price target for the stock from $22.00 to $21.00 in a research report on Thursday, October 1st. The Goldman Sachs Group cut their price objective on shares of Broadstone Net Lease from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Monday, November 2nd. KeyCorp restated an “overweight” rating on shares of Broadstone Net Lease in a research note on Tuesday, September 15th. Wall Street Zen lowered shares of Broadstone Net Lease from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Finally, Weiss Ratings cut shares of Broadstone Net Lease from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.
Check Out Our Latest Research Report on Broadstone Net Lease
Broadstone Net Lease Trading Down 0.9%
BNL stock opened at $17.68 on Thursday. The stock has a market capitalization of $3.40 billion, a PE ratio of 23.27 and a beta of 0.91. Broadstone Net Lease, Inc. has a 12-month low of $16.70 and a 12-month high of $23.10. The stock’s 50 day simple moving average is $18.60 and its 200 day simple moving average is $19.82.
Broadstone Net Lease (NYSE:BNL – Get Free Report) last issued its earnings results on Wednesday, October 28th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.02). The business had revenue of $121.87 million for the quarter, compared to analysts’ expectations of $122.19 million. Broadstone Net Lease had a net margin of 30.26% and a return on equity of 4.86%. On average, research analysts predict that Broadstone Net Lease, Inc. will post 1.51 earnings per share for the current year.
Broadstone Net Lease Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a dividend of $0.2950 per share. The ex-dividend date of this dividend is Thursday, December 31st. This is an increase from Broadstone Net Lease’s previous quarterly dividend of $0.2925. This represents a $1.18 dividend on an annualized basis and a dividend yield of 6.7%. Broadstone Net Lease’s dividend payout ratio is currently 155.26%.
Broadstone Net Lease Profile
Broadstone Net Lease, Inc. is an internally managed real estate investment trust that acquires, owns and manages commercial properties leased to businesses under long-term net lease agreements. Its tenants generally assume responsibility for property expenses such as taxes, insurance and maintenance. The company’s portfolio spans property types including industrial, healthcare, retail and office, with properties primarily in the United States and also in Canada. Broadstone was founded in 2007 and is headquartered in Rochester, New York.
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