Broadstone Net Lease, Inc. (NYSE:BNL) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 3.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,904,229 shares of the company's stock after buying an additional 448,338 shares during the quarter. Principal Financial Group Inc. owned approximately 7.96% of Broadstone Net Lease worth $256,651,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. New York State Teachers Retirement System lifted its holdings in shares of Broadstone Net Lease by 8.4% in the third quarter. New York State Teachers Retirement System now owns 16,701 shares of the company's stock valued at $239,000 after purchasing an additional 1,294 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Broadstone Net Lease by 11.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 78,184 shares of the company's stock worth $1,118,000 after acquiring an additional 8,300 shares during the last quarter. Advisor Partners II LLC purchased a new stake in shares of Broadstone Net Lease in the third quarter valued at $152,000. Perigon Wealth Management LLC boosted its stake in shares of Broadstone Net Lease by 9.0% during the third quarter. Perigon Wealth Management LLC now owns 80,858 shares of the company's stock valued at $1,156,000 after acquiring an additional 6,691 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in shares of Broadstone Net Lease by 21.9% during the third quarter. Teacher Retirement System of Texas now owns 137,370 shares of the company's stock valued at $1,964,000 after acquiring an additional 24,685 shares during the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Broadstone Net Lease Stock Performance

Broadstone Net Lease stock traded up $0.01 during trading on Friday, reaching $15.24. The company had a trading volume of 756,182 shares, compared to its average volume of 1,106,062. Broadstone Net Lease, Inc. has a 12-month low of $13.68 and a 12-month high of $17.59. The stock's 50 day moving average price is $14.90 and its two-hundred day moving average price is $15.62. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 15.88 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. The company had revenue of $105.37 million for the quarter, compared to analyst estimates of $107.76 million. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. During the same quarter last year, the business earned $0.34 EPS. As a group, research analysts expect that Broadstone Net Lease, Inc. will post 1.38 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 Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 7.61%. The ex-dividend date is Friday, June 28th. This is an increase from Broadstone Net Lease's previous quarterly dividend of $0.29. Broadstone Net Lease's payout ratio is 118.75%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BNL shares. The Goldman Sachs Group initiated coverage on shares of Broadstone Net Lease in a report on Thursday, March 7th. They issued a "sell" rating and a $14.00 target price on the stock. Truist Financial lowered their target price on shares of Broadstone Net Lease from $18.00 to $17.00 and set a "hold" rating for the company in a research note on Tuesday, February 27th. Wolfe Research reiterated a "peer perform" rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Finally, TheStreet cut Broadstone Net Lease from a "b-" rating to a "c+" rating in a report on Thursday, February 22nd. One investment 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's stock. According to data from MarketBeat, Broadstone Net Lease has a consensus rating of "Hold" and an average target price of $16.75.

About Broadstone Net Lease

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.