MGO One Seven LLC Sells 29,703 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

MGO One Seven LLC lowered its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 17.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 145,415 shares of the company’s stock after selling 29,703 shares during the quarter. MGO One Seven LLC owned about 0.08% of Broadstone Net Lease worth $2,308,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Broadstone Net Lease during the 4th quarter valued at approximately $36,180,000. V3 Capital Management L.P. purchased a new stake in shares of Broadstone Net Lease in the first quarter worth $20,747,000. Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of Broadstone Net Lease by 74.3% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,860,534 shares of the company’s stock valued at $49,258,000 after acquiring an additional 1,219,509 shares in the last quarter. Lasalle Investment Management Securities LLC purchased a new position in shares of Broadstone Net Lease in the 1st quarter worth about $18,226,000. Finally, Victory Capital Management Inc. boosted its stake in Broadstone Net Lease by 2,302.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock worth $17,040,000 after purchasing an additional 1,029,048 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Broadstone Net Lease Trading Down 0.1 %

Shares of BNL stock opened at $18.36 on Thursday. Broadstone Net Lease, Inc. has a 12-month low of $13.68 and a 12-month high of $18.72. The stock has a market capitalization of $3.46 billion, a P/E ratio of 19.13 and a beta of 1.11. The firm’s 50 day moving average is $17.51 and its 200 day moving average is $15.95.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The firm had revenue of $105.91 million during the quarter, compared to analysts’ expectations of $105.95 million. Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. During the same quarter last year, the business earned $0.35 earnings per share. As a group, equities analysts predict that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 6.32%. The ex-dividend date of this dividend is Monday, September 30th. Broadstone Net Lease’s payout ratio is currently 120.83%.

Wall Street Analyst Weigh In

BNL has been the subject of a number of analyst reports. Truist Financial raised their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Wedbush initiated coverage on shares of Broadstone Net Lease in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, KeyCorp assumed coverage on Broadstone Net Lease in a research report on Wednesday, June 12th. They issued a “sector weight” rating on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Broadstone Net Lease presently has an average rating of “Hold” and a consensus target price of $17.60.

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.