PNC Financial Services Group Inc. Sells 42,195 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

PNC Financial Services Group Inc. cut its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 58.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,097 shares of the company’s stock after selling 42,195 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Broadstone Net Lease were worth $518,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Handelsbanken Fonder AB lifted its holdings in shares of Broadstone Net Lease by 2.4% during the fourth quarter. Handelsbanken Fonder AB now owns 29,900 shares of the company’s stock valued at $515,000 after acquiring an additional 700 shares during the period. Natixis Advisors L.P. raised its holdings in shares of Broadstone Net Lease by 1.3% in the fourth quarter. Natixis Advisors L.P. now owns 64,207 shares of the company’s stock valued at $1,105,000 after buying an additional 821 shares during the last quarter. Perigon Wealth Management LLC raised its holdings in shares of Broadstone Net Lease by 1.1% in the fourth quarter. Perigon Wealth Management LLC now owns 81,773 shares of the company’s stock valued at $1,408,000 after buying an additional 915 shares during the last quarter. HGI Capital Management LLC raised its holdings in shares of Broadstone Net Lease by 2.5% in the fourth quarter. HGI Capital Management LLC now owns 43,238 shares of the company’s stock valued at $745,000 after buying an additional 1,055 shares during the last quarter. Finally, Metis Global Partners LLC raised its holdings in shares of Broadstone Net Lease by 12.3% in the fourth quarter. Metis Global Partners LLC now owns 12,340 shares of the company’s stock valued at $212,000 after buying an additional 1,356 shares during the last quarter. 89.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Broadstone Net Lease in a report on Thursday, March 7th. They issued a “sell” rating and a $14.00 price target for the company. KeyCorp initiated coverage on Broadstone Net Lease in a research report on Wednesday, June 12th. They issued a “sector weight” rating for the company. 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, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Broadstone Net Lease presently has an average rating of “Hold” and a consensus price target of $16.75.

Broadstone Net Lease Stock Up 1.4 %

Shares of BNL stock opened at $15.78 on Friday. The stock has a 50-day moving average price of $15.21 and a 200 day moving average price of $15.65. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 16.43 and a beta of 1.10. Broadstone Net Lease, Inc. has a 12 month low of $13.68 and a 12 month high of $17.59.

Broadstone Net Lease (NYSE:BNL) last posted its earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $105.37 million during the quarter, compared to analyst estimates 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 in the previous year, the company earned $0.34 EPS. Sell-side analysts predict that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.29 per share. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 annualized dividend and a dividend yield of 7.35%. The ex-dividend date of this dividend is Friday, June 28th. Broadstone Net Lease’s payout ratio is presently 120.83%.

About Broadstone Net Lease

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.