Broadstone Net Lease, Inc. $BNL Stock Position Increased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Broadstone Net Lease stake by 225% in the third quarter, adding about 1.43 million shares to hold 2.06 million shares, worth roughly $37.7 million. Institutional investors collectively own 89.07% of the company.
• Broadstone reported quarterly EPS of $0.14, below the $0.16 consensus, and revenue of $121.87 million, slightly under estimates. Shares opened at $17.68, below their 50- and 200-day moving averages.
• The company raised its quarterly dividend to $0.295 per share, an annualized $1.18 and a 6.7% yield. Analysts’ consensus rating is “Moderate Buy,” with a $22 price target.

Allspring Global Investments Holdings LLC lifted its holdings in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 225.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,063,141 shares of the company's stock after buying an additional 1,428,251 shares during the period. Allspring Global Investments Holdings LLC owned about 1.08% of Broadstone Net Lease worth $37,652,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allworth Financial LP bought a new stake in shares of Broadstone Net Lease in the second quarter valued at about $34,000. Signature Equity Partners LLC increased its position in Broadstone Net Lease by 3,743.4% during the 3rd quarter. Signature Equity Partners LLC now owns 2,037 shares of the company's stock valued at $38,000 after purchasing an additional 1,984 shares during the period. Global Retirement Partners LLC purchased a new position in Broadstone Net Lease during the 2nd quarter valued at about $74,000. Nykredit A S bought a new stake in shares of Broadstone Net Lease in the 2nd quarter valued at about $91,000. Finally, EverSource Wealth Advisors LLC raised its holdings 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 valued at $129,000 after purchasing an additional 1,788 shares in the last quarter. Institutional investors own 89.07% of the company's stock.

Broadstone Net Lease Trading Down 0.9%

NYSE BNL opened at $17.68 on Thursday. The firm's fifty day simple moving average is $18.60 and its two-hundred day simple moving average is $19.82. Broadstone Net Lease, Inc. has a 12-month low of $16.70 and a 12-month high of $23.10. The firm has a market capitalization of $3.40 billion, a P/E ratio of 23.27 and a beta of 0.91.

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

Broadstone Net Lease Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be given a $0.2950 dividend. This is an increase from Broadstone Net Lease's previous quarterly dividend of $0.2925. This represents a $1.18 dividend on an annualized basis and a yield of 6.7%. The ex-dividend date is Thursday, December 31st. Broadstone Net Lease's payout ratio is currently 155.26%.

Insider Buying and Selling

In other Broadstone Net Lease news, Director Richard Imperiale bought 5,000 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was bought 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. This trade represents a 23.53% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.02% of the company's stock.

Analysts Set New Price Targets

BNL has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Broadstone Net Lease from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. KeyCorp restated an "overweight" rating on shares of Broadstone Net Lease in a report on Tuesday, September 15th. Cantor Fitzgerald dropped their target price on Broadstone Net Lease from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Friday, October 30th. The Goldman Sachs Group cut their price target on Broadstone Net Lease from $26.00 to $23.00 and set a "buy" rating on the stock in a report on Monday, November 2nd. Finally, Truist Financial raised Broadstone Net Lease from a "hold" rating to a "buy" rating and reduced their price target for the stock from $22.00 to $21.00 in a research report on Thursday, October 1st. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.00.

About Broadstone Net Lease

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.

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