State of New Jersey Common Pension Fund D Cuts Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 17.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 107,336 shares of the company’s stock after selling 22,158 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Broadstone Net Lease were worth $2,034,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of Broadstone Net Lease by 257.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock worth $33,000 after purchasing an additional 1,272 shares during the period. Quarry LP boosted its holdings in Broadstone Net Lease by 93.1% during the second quarter. Quarry LP now owns 2,556 shares of the company’s stock worth $41,000 after buying an additional 1,232 shares in the last quarter. Blue Trust Inc. grew its position in Broadstone Net Lease by 156.5% during the third quarter. Blue Trust Inc. now owns 3,902 shares of the company’s stock worth $74,000 after buying an additional 2,381 shares during the period. US Bancorp DE increased its holdings in Broadstone Net Lease by 636.6% in the third quarter. US Bancorp DE now owns 3,941 shares of the company’s stock valued at $75,000 after buying an additional 3,406 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Broadstone Net Lease by 35.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,314 shares of the company’s stock valued at $138,000 after acquiring an additional 1,908 shares during the period. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Price Performance

NYSE:BNL opened at $17.20 on Friday. The firm has a market cap of $3.24 billion, a PE ratio of 22.63 and a beta of 1.12. The firm has a 50 day simple moving average of $18.19 and a 200-day simple moving average of $17.05. Broadstone Net Lease, Inc. has a 1-year low of $14.20 and a 1-year high of $19.15.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The business had revenue of $108.40 million for the quarter, compared to analysts’ expectations of $106.47 million. Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. During the same period in the prior year, the company earned $0.36 EPS. As a group, sell-side analysts expect that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.74%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease’s dividend payout ratio is currently 152.63%.

Wall Street Analysts Forecast Growth

BNL has been the subject of several research analyst reports. Truist Financial raised their price objective on 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 assumed coverage on shares of Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective on the stock. The Goldman Sachs Group raised their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, September 13th. Finally, UBS Group began coverage on shares of Broadstone Net Lease in a report on Thursday. They issued a “neutral” rating and a $18.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, Broadstone Net Lease currently has an average rating of “Hold” and an average price target of $18.20.

Broadstone Net Lease Profile

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.