Bank of America Corp DE Buys Shares of 1,595,463 Broadstone Net Lease, Inc. $BNL

Key Points

• Bank of America acquired 1.6 million Broadstone Net Lease shares worth approximately $33.0 million in the second quarter, giving it an estimated 0.83% stake. Institutional investors collectively own 89.07% of BNL.
• Broadstone Net Lease exceeded quarterly expectations, reporting $0.21 in EPS versus the $0.19 consensus and $122.31 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $22.78.
• The REIT declared a quarterly dividend of $0.2925 per share, equivalent to $1.17 annually and a 6.1% yield; however, its dividend payout ratio is elevated at 153.95%.

Bank of America Corp DE purchased a new position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,595,463 shares of the company's stock, valued at approximately $32,978,000. Bank of America Corp DE owned about 0.83% of Broadstone Net Lease at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BNL. Rockefeller Capital Management L.P. grew its position in Broadstone Net Lease by 5.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 19,294 shares of the company's stock worth $335,000 after purchasing an additional 944 shares during the period. Kestra Advisory Services LLC raised its stake in Broadstone Net Lease by 6.5% during the 1st quarter. Kestra Advisory Services LLC now owns 22,735 shares of the company's stock valued at $415,000 after buying an additional 1,396 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Broadstone Net Lease by 0.4% during the 1st quarter. Swiss National Bank now owns 374,300 shares of the company's stock valued at $6,838,000 after buying an additional 1,500 shares during the period. Allworth Financial LP bought a new position in shares of Broadstone Net Lease during the 2nd quarter valued at $34,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Broadstone Net Lease by 33.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,075 shares of the company's stock worth $129,000 after buying an additional 1,788 shares during the last quarter. 89.07% of the stock is owned by institutional investors.

Broadstone Net Lease Price Performance

Shares of NYSE:BNL opened at $19.17 on Wednesday. The company has a market capitalization of $3.68 billion, a P/E ratio of 25.23 and a beta of 0.91. Broadstone Net Lease, Inc. has a 1-year low of $17.16 and a 1-year high of $23.10. The firm's 50 day simple moving average is $21.14 and its two-hundred day simple moving average is $20.45.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.19 by $0.02. Broadstone Net Lease had a net margin of 30.61% and a return on equity of 4.83%. The firm had revenue of $122.31 million for the quarter, compared to the consensus estimate of $121.63 million. Broadstone Net Lease has set its FY 2026 guidance at 1.550-1.570 EPS. On average, sell-side analysts anticipate that Broadstone Net Lease, Inc. will post 1.52 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.2925 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.17 dividend on an annualized basis and a yield of 6.1%. Broadstone Net Lease's dividend payout ratio (DPR) is currently 153.95%.

Insider Activity at Broadstone Net Lease

In other Broadstone Net Lease news, Director Richard Imperiale acquired 5,000 shares of the stock in a transaction dated Thursday, August 20th. The shares were acquired at an average cost of $21.22 per share, for a total transaction of $106,100.00. Following the completion of the transaction, the director directly owned 26,250 shares of the company's stock, valued at approximately $557,025. The trade was a 23.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.02% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BNL. KeyCorp reaffirmed an "overweight" rating on shares of Broadstone Net Lease in a report on Tuesday, September 15th. The Goldman Sachs Group increased their target price on Broadstone Net Lease from $23.00 to $26.00 and gave the company a "buy" rating in a report on Saturday, August 1st. Cantor Fitzgerald raised their target price on Broadstone Net Lease from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Citigroup downgraded Broadstone Net Lease from a "market perform" rating to a "market perform" rating in a research note on Friday, June 12th. Finally, Truist Financial set a $22.00 price target on shares of Broadstone Net Lease in a research report on Monday, June 8th. Seven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.78.

About Broadstone Net Lease

Broadstone Net Lease, Inc NYSE: BNL is a real estate investment trust (REIT) that owns and manages a diversified portfolio of primarily single-tenant commercial properties. The company leases these properties to businesses under long-term, net lease agreements, in which tenants generally assume responsibility for property taxes, insurance and maintenance.

Broadstone's portfolio is diversified across industries and includes properties used for healthcare, industrial, office, retail, restaurant and other business purposes.

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