Sanctuary Advisors LLC Makes New $614,000 Investment in Broadstone Net Lease, Inc. (NYSE:BNL)

Sanctuary Advisors LLC purchased a new position in Broadstone Net Lease, Inc. (NYSE:BNL) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 38,702 shares of the company’s stock, valued at approximately $614,000.

Several other large investors also recently modified their holdings of the business. Quarry LP increased its holdings in shares of Broadstone Net Lease by 93.1% in the second quarter. Quarry LP now owns 2,556 shares of the company’s stock worth $41,000 after acquiring an additional 1,232 shares in the last quarter. Systematic Financial Management LP bought a new stake in shares of Broadstone Net Lease in the second quarter worth about $2,980,000. Algert Global LLC bought a new stake in shares of Broadstone Net Lease in the second quarter worth about $300,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Broadstone Net Lease in the second quarter worth about $479,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Broadstone Net Lease by 3.3% during the second quarter. The Manufacturers Life Insurance Company now owns 102,759 shares of the company’s stock worth $1,631,000 after buying an additional 3,263 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Truist Financial increased their price objective on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Wedbush assumed coverage on Broadstone Net Lease in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.00.

Broadstone Net Lease Stock Up 0.9 %

BNL stock opened at $18.31 on Tuesday. The business has a 50 day moving average price of $18.19 and a two-hundred day moving average price of $16.54. The company has a market cap of $3.45 billion, a price-to-earnings ratio of 19.07 and a beta of 1.11. Broadstone Net Lease, Inc. has a twelve month low of $13.68 and a twelve month high of $19.15.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $105.95 million. Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.86%. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, equities research analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 6.34%. Broadstone Net Lease’s dividend payout ratio is 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.