Wealth Enhancement Advisory Services LLC Boosts Stake in Broadstone Net Lease, Inc. (NYSE:BNL)

Wealth Enhancement Advisory Services LLC lifted its stake in Broadstone Net Lease, Inc. (NYSE:BNL) by 30.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 466,782 shares of the company’s stock after purchasing an additional 108,907 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Broadstone Net Lease were worth $7,403,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in Broadstone Net Lease by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,844,943 shares of the company’s stock worth $91,827,000 after buying an additional 62,515 shares during the period. Millennium Management LLC boosted its holdings in Broadstone Net Lease by 709.4% in the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after buying an additional 2,784,878 shares during the period. JPMorgan Chase & Co. boosted its holdings in Broadstone Net Lease by 4.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,834,413 shares of the company’s stock worth $34,762,000 after buying an additional 84,509 shares during the period. Victory Capital Management Inc. boosted its holdings in Broadstone Net Lease by 35.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,454,507 shares of the company’s stock worth $27,563,000 after buying an additional 380,772 shares during the period. Finally, Brookfield Corp ON bought a new position in Broadstone Net Lease in the 3rd quarter worth $18,444,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Broadstone Net Lease Stock Up 0.7 %

BNL opened at $15.30 on Tuesday. The firm has a 50-day simple moving average of $16.69 and a two-hundred day simple moving average of $17.41. The company has a market capitalization of $2.88 billion, a PE ratio of 20.13 and a beta of 1.11. Broadstone Net Lease, Inc. has a 52 week low of $14.20 and a 52 week high of $19.15.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 33.56% and a return on equity of 4.47%. During the same quarter in the prior year, the company posted $0.36 earnings per share. As a group, sell-side analysts expect that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 7.58%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease’s dividend payout ratio is 152.63%.

Analysts Set New Price Targets

Several brokerages recently weighed in on BNL. Citizens Jmp raised shares of Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 17th. UBS Group started coverage on shares of Broadstone Net Lease in a report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price objective for the company. Finally, JMP Securities raised shares of Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.60.

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.