Jennison Associates LLC Invests $1.05 Million in Broadstone Net Lease, Inc. (NYSE:BNL)

Jennison Associates LLC bought a new position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 60,809 shares of the company's stock, valued at approximately $1,047,000.

Several other hedge funds have also recently modified their holdings of BNL. Handelsbanken Fonder AB grew its stake in shares of Broadstone Net Lease by 2.4% in the fourth quarter. Handelsbanken Fonder AB now owns 29,900 shares of the company's stock worth $515,000 after acquiring an additional 700 shares during the period. Federated Hermes Inc. purchased a new stake in Broadstone Net Lease in the fourth quarter worth approximately $49,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in Broadstone Net Lease by 6.8% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 221,129 shares of the company's stock worth $3,808,000 after purchasing an additional 14,086 shares during the period. Tennessee Valley Asset Management Partners purchased a new stake in Broadstone Net Lease during the 4th quarter valued at $86,000. Finally, Perigon Wealth Management LLC lifted its holdings in shares of Broadstone Net Lease by 1.1% during the 4th quarter. Perigon Wealth Management LLC now owns 81,773 shares of the company's stock valued at $1,408,000 after buying an additional 915 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on BNL shares. TheStreet lowered Broadstone Net Lease from a "b-" rating to a "c+" rating in a report on Thursday, February 22nd. The Goldman Sachs Group assumed coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They set a "sell" rating and a $14.00 price target for the company. Truist Financial lowered their price objective on shares of Broadstone Net Lease from $18.00 to $17.00 and set a "hold" rating on the stock in a research note on Tuesday, February 27th. Finally, Wolfe Research restated a "peer perform" rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.75.

Broadstone Net Lease Stock Down 0.1 %

BNL traded down $0.02 during midday trading on Friday, reaching $14.33. The company had a trading volume of 863,403 shares, compared to its average volume of 1,023,648. The business has a 50-day moving average of $14.90 and a two-hundred day moving average of $15.57. Broadstone Net Lease, Inc. has a 1 year low of $13.68 and a 1 year high of $17.59. The company has a market cap of $2.69 billion, a P/E ratio of 17.48 and a beta of 1.09.

Broadstone Net Lease Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 7.96%. The ex-dividend date was Wednesday, March 27th. Broadstone Net Lease's dividend payout ratio is 139.03%.

Insiders Place Their Bets

In other news, CFO Kevin Fennell purchased 4,000 shares of the company's stock in a transaction on Monday, February 26th. The stock was acquired at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the transaction, the chief financial officer now directly owns 63,556 shares in the company, valued at approximately $929,824.28. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Broadstone Net Lease news, CFO Kevin Fennell purchased 4,000 shares of the firm's stock in a transaction on Monday, February 26th. The shares were acquired at an average cost of $14.63 per share, with a total value of $58,520.00. Following the completion of the acquisition, the chief financial officer now directly owns 63,556 shares in the company, valued at $929,824.28. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael A. Coke acquired 10,000 shares of the company's stock in a transaction dated Monday, February 26th. The stock was acquired at an average cost of $14.67 per share, with a total value of $146,700.00. Following the purchase, the director now owns 34,817 shares of the company's stock, valued at $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is owned by company insiders.

Broadstone Net Lease Company Profile

BNL is an industrial-focused, diversified net lease REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2023, BNL's diversified portfolio consisted of 800 individual net leased commercial properties with 793 properties located in 44 U.S.