Broadstone Net Lease, Inc. (NYSE:BNL) Shares Acquired by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lifted its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,066,020 shares of the company's stock after purchasing an additional 55,833 shares during the period. Massachusetts Financial Services Co. MA owned 2.71% of Broadstone Net Lease worth $87,237,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Principal Securities Inc. bought a new stake in Broadstone Net Lease during the fourth quarter valued at $32,000. Federated Hermes Inc. bought a new stake in Broadstone Net Lease in the 4th quarter valued at about $49,000. Covestor Ltd increased its position in Broadstone Net Lease by 123.1% in the 3rd quarter. Covestor Ltd now owns 5,167 shares of the company's stock valued at $74,000 after buying an additional 2,851 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new position in Broadstone Net Lease in the fourth quarter worth approximately $86,000. Finally, Evergreen Capital Management LLC acquired a new position in shares of Broadstone Net Lease during the third quarter valued at about $147,000. Institutional investors own 89.07% of the company's stock.

Broadstone Net Lease Stock Performance

NYSE:BNL traded down $0.03 during trading on Thursday, reaching $15.65. The company's stock had a trading volume of 719,523 shares, compared to its average volume of 1,253,242. Broadstone Net Lease, Inc. has a 12 month low of $13.68 and a 12 month high of $17.59. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 16.30 and a beta of 1.10. The firm has a 50 day moving average of $14.96 and a 200-day moving average of $15.64.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $105.37 million during 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 in the prior year, the business earned $0.34 earnings per share. Equities research analysts forecast that Broadstone Net Lease, Inc. will post 1.38 earnings per share for the current fiscal year.

Broadstone Net Lease Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.41%. The ex-dividend date is Friday, June 28th. This is a boost from Broadstone Net Lease's previous quarterly dividend of $0.29. Broadstone Net Lease's payout ratio is 120.83%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BNL. Wolfe Research reissued a "peer perform" rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. Truist Financial dropped their price objective on 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. 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 for the company. Finally, TheStreet lowered shares of Broadstone Net Lease from a "b-" rating to a "c+" rating in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $16.75.

Insider Activity

In other Broadstone Net Lease news, CFO Kevin Fennell bought 4,000 shares of Broadstone Net Lease stock in a transaction dated Monday, February 26th. The stock was purchased at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the purchase, the chief financial officer now directly owns 63,556 shares of the company's stock, valued at $929,824.28. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Kevin Fennell purchased 4,000 shares of Broadstone Net Lease stock in a transaction dated Monday, February 26th. The stock was bought 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 owns 63,556 shares in the company, valued at $929,824.28. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael A. Coke acquired 10,000 shares of the company's stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the acquisition, the director now directly owns 34,817 shares in the company, valued at approximately $510,765.39. The disclosure for this purchase can be found here. Insiders own 0.81% of the company's stock.

Broadstone Net Lease 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.