3,207,298 Shares in Broadstone Net Lease, Inc. $BNL Bought by Aew Capital Management Inc.

Key Points

• Aew Capital Management acquired 3.21 million Broadstone Net Lease shares in the third quarter, valued at about $59.3 million. The investment represents roughly 1.67% of the REIT and 3.9% of the fund’s holdings.
• Broadstone reported quarterly EPS of $0.14, below the $0.16 analyst consensus, and revenue of $121.87 million, also slightly below expectations. Shares opened at $17.68, below their 50- and 200-day moving averages.
• The company raised its quarterly dividend from $0.2925 to $0.295 per share, equivalent to $1.18 annually and a 6.7% yield. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $22.

Aew Capital Management Inc. purchased a new stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,207,298 shares of the company's stock, valued at approximately $59,335,000. Broadstone Net Lease accounts for approximately 3.9% of Aew Capital Management Inc.'s holdings, making the stock its 11th largest holding. Aew Capital Management Inc. owned approximately 1.67% of Broadstone Net Lease as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Corient Private Wealth LP acquired a new stake in shares of Broadstone Net Lease during the 2nd quarter worth approximately $2,049,000. California State Teachers Retirement System increased its stake in Broadstone Net Lease by 30.2% in the first quarter. California State Teachers Retirement System now owns 236,627 shares of the company's stock valued at $4,323,000 after acquiring an additional 54,892 shares during the last quarter. Amundi raised its position in Broadstone Net Lease by 1,115.8% during the second quarter. Amundi now owns 1,094,174 shares of the company's stock valued at $22,617,000 after purchasing an additional 1,004,177 shares in the last quarter. Quantinno Capital Management LP raised its position in Broadstone Net Lease by 164.8% during the first quarter. Quantinno Capital Management LP now owns 91,618 shares of the company's stock valued at $1,674,000 after purchasing an additional 57,021 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in Broadstone Net Lease during the second quarter valued at approximately $32,978,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Broadstone Net Lease Trading Down 0.9%

Shares of Broadstone Net Lease stock opened at $17.68 on Thursday. The firm has a market capitalization of $3.40 billion, a PE ratio of 23.27 and a beta of 0.91. The firm's 50 day moving average is $18.60 and its 200 day moving average is $19.82. Broadstone Net Lease, Inc. has a 1 year low of $16.70 and a 1 year high of $23.10.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.02). The company had revenue of $121.87 million during the quarter, compared to the consensus estimate of $122.19 million. Broadstone Net Lease had a net margin of 30.26% and a return on equity of 4.86%. As a group, research analysts anticipate that Broadstone Net Lease, Inc. will post 1.51 earnings per share for the current year.

Broadstone Net Lease Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a dividend of $0.2950 per share. This represents a $1.18 annualized dividend and a dividend yield of 6.7%. This is an increase from Broadstone Net Lease's previous quarterly dividend of $0.2925. The ex-dividend date is Thursday, December 31st. Broadstone Net Lease's dividend payout ratio (DPR) is presently 155.26%.

Insider Buying and Selling at Broadstone Net Lease

In other news, Director Richard Imperiale acquired 5,000 shares of the stock in a transaction dated Thursday, August 20th. The stock was bought at an average price of $21.22 per share, with a total value of $106,100.00. Following the completion of the purchase, the director directly owned 26,250 shares of the company's stock, valued at $557,025. This represents a 23.53% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald reduced their target price on Broadstone Net Lease from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Friday, October 30th. Weiss Ratings cut Broadstone Net Lease from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. KeyCorp restated an "overweight" rating on shares of Broadstone Net Lease in a research report on Tuesday, September 15th. Wall Street Zen downgraded Broadstone Net Lease from a "hold" rating to a "sell" rating in a research report on Saturday, October 31st. Finally, The Goldman Sachs Group reduced their price objective on Broadstone Net Lease from $26.00 to $23.00 and set a "buy" rating on the stock in a research note on Monday, November 2nd. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.00.

Broadstone Net Lease Profile

Broadstone Net Lease, Inc. is an internally managed real estate investment trust that acquires, owns and manages commercial properties leased to businesses under long-term net lease agreements. Its tenants generally assume responsibility for property expenses such as taxes, insurance and maintenance. The company's portfolio spans property types including industrial, healthcare, retail and office, with properties primarily in the United States and also in Canada. Broadstone was founded in 2007 and is headquartered in Rochester, New York.

Want to see what other hedge funds are holding BNL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadstone Net Lease, Inc. (NYSE:BNL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.