Arizona State Retirement System Boosts Stock Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Arizona State Retirement System lifted its position in Broadstone Net Lease, Inc. (NYSE:BNL) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,549 shares of the company’s stock after acquiring an additional 1,086 shares during the period. Arizona State Retirement System’s holdings in Broadstone Net Lease were worth $834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Evermay Wealth Management LLC boosted its stake in Broadstone Net Lease by 1.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 48,509 shares of the company’s stock worth $774,000 after purchasing an additional 579 shares during the last quarter. Strategic Advocates LLC raised its holdings in Broadstone Net Lease by 4.1% in the 2nd quarter. Strategic Advocates LLC now owns 24,116 shares of the company’s stock valued at $383,000 after acquiring an additional 953 shares during the last quarter. HB Wealth Management LLC lifted its stake in Broadstone Net Lease by 4.8% in the 2nd quarter. HB Wealth Management LLC now owns 21,178 shares of the company’s stock worth $336,000 after purchasing an additional 967 shares in the last quarter. HGI Capital Management LLC boosted its holdings in shares of Broadstone Net Lease by 2.5% during the 4th quarter. HGI Capital Management LLC now owns 43,238 shares of the company’s stock worth $745,000 after purchasing an additional 1,055 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Broadstone Net Lease by 3.5% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 34,455 shares of the company’s stock valued at $547,000 after purchasing an additional 1,163 shares in the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BNL. Wedbush started coverage on Broadstone Net Lease in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective on the stock. KeyCorp began coverage on shares of Broadstone Net Lease in a report on Wednesday, June 12th. They issued a “sector weight” rating for the company. The Goldman Sachs Group lifted their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Friday. Finally, Truist Financial raised their price target on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. One equities 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $18.00.

Broadstone Net Lease Price Performance

Shares of BNL stock opened at $18.64 on Friday. The company has a 50-day moving average of $17.62 and a two-hundred day moving average of $16.01. The firm has a market cap of $3.51 billion, a PE ratio of 19.42 and a beta of 1.11. Broadstone Net Lease, Inc. has a 1-year low of $13.68 and a 1-year high of $18.72.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The company had revenue of $105.91 million for 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 period in the previous year, the business posted $0.35 EPS. Sell-side analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.29 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 6.22%. Broadstone Net Lease’s dividend payout ratio is presently 120.83%.

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.