Prime Capital Investment Advisors LLC Sells 49,638 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Prime Capital Investment Advisors LLC lessened its stake in Broadstone Net Lease, Inc. (NYSE:BNL) by 11.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 369,330 shares of the company’s stock after selling 49,638 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Broadstone Net Lease were worth $5,861,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Prevail Innovative Wealth Advisors LLC lifted its stake in Broadstone Net Lease by 62.2% during the 2nd quarter. Prevail Innovative Wealth Advisors LLC now owns 177,588 shares of the company’s stock valued at $2,818,000 after acquiring an additional 68,097 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Broadstone Net Lease by 8.1% in the second quarter. American Century Companies Inc. now owns 57,988 shares of the company’s stock valued at $920,000 after purchasing an additional 4,357 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Broadstone Net Lease by 2.1% during the second quarter. Arizona State Retirement System now owns 52,549 shares of the company’s stock valued at $834,000 after purchasing an additional 1,086 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Broadstone Net Lease by 2,302.8% during the second quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock worth $17,040,000 after purchasing an additional 1,029,048 shares during the last quarter. Finally, Evermay Wealth Management LLC grew its position in Broadstone Net Lease by 1.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 48,509 shares of the company’s stock worth $774,000 after purchasing an additional 579 shares in the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Wall Street Analysts Forecast Growth

BNL has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday. Truist Financial lifted their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Wedbush initiated coverage on Broadstone Net Lease in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, KeyCorp assumed coverage on Broadstone Net Lease in a research note on Wednesday, June 12th. They set a “sector weight” rating on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Broadstone Net Lease presently has an average rating of “Hold” and a consensus target price of $18.00.

Broadstone Net Lease Trading Up 1.9 %

Shares of NYSE BNL opened at $18.64 on Monday. The stock has a fifty day simple moving average of $17.62 and a two-hundred day simple moving average of $16.01. Broadstone Net Lease, Inc. has a 1-year low of $13.68 and a 1-year high of $18.72. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 19.42 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. The firm had revenue of $105.91 million for the quarter, compared to the consensus estimate of $105.95 million. During the same quarter in the previous year, the company posted $0.35 EPS. Analysts forecast that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 6.22%. The ex-dividend date of this dividend is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 120.83%.

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.