Creative Planning Sells 31,627 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Creative Planning cut its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 5.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 582,893 shares of the company’s stock after selling 31,627 shares during the quarter. Creative Planning’s holdings in Broadstone Net Lease were worth $11,046,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Broadstone Net Lease by 431.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,176,195 shares of the company’s stock worth $18,431,000 after acquiring an additional 955,066 shares during the period. Prevail Innovative Wealth Advisors LLC purchased a new position in shares of Broadstone Net Lease during the first quarter worth approximately $1,716,000. Legato Capital Management LLC purchased a new position in shares of Broadstone Net Lease during the second quarter worth approximately $1,404,000. Sei Investments Co. increased its position in shares of Broadstone Net Lease by 20.8% during the second quarter. Sei Investments Co. now owns 545,556 shares of the company’s stock worth $8,658,000 after acquiring an additional 94,092 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Broadstone Net Lease by 2,302.8% during the second quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock worth $17,040,000 after acquiring an additional 1,029,048 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Broadstone Net Lease Trading Down 0.2 %

NYSE:BNL opened at $18.35 on Wednesday. The company has a market capitalization of $3.46 billion, a P/E ratio of 19.11 and a beta of 1.11. The firm has a fifty day simple moving average of $18.33 and a 200-day simple moving average of $16.66. Broadstone Net Lease, Inc. has a 12 month low of $13.68 and a 12 month high of $19.15.

Broadstone Net Lease (NYSE:BNL) last posted its 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). Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.86%. The business had revenue of $105.91 million for the quarter, compared to analyst estimates of $105.95 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Equities analysts forecast that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid 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 was Monday, September 30th. Broadstone Net Lease’s payout ratio is currently 120.83%.

Analyst Ratings Changes

BNL has been the topic of several research reports. Truist Financial lifted their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a report on Friday, August 16th. The Goldman Sachs Group lifted their price target on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. Finally, Wedbush started coverage on shares of Broadstone Net Lease in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.25.

About Broadstone Net Lease

Broadstone Net Lease, Inc (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation’s operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties.