Aigen Investment Management LP Makes New $655,000 Investment in Broadstone Net Lease, Inc. (NYSE:BNL)

Aigen Investment Management LP purchased a new stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 38,044 shares of the company’s stock, valued at approximately $655,000.

Several other institutional investors also recently modified their holdings of BNL. Principal Securities Inc. purchased a new stake in shares of Broadstone Net Lease during the 4th quarter valued at about $32,000. Federated Hermes Inc. purchased a new position in shares of Broadstone Net Lease in the 4th quarter worth $49,000. Tennessee Valley Asset Management Partners purchased a new position in shares of Broadstone Net Lease in the 4th quarter worth $86,000. Covestor Ltd grew its holdings in shares of Broadstone Net Lease by 123.1% in the third quarter. Covestor Ltd now owns 5,167 shares of the company’s stock worth $74,000 after acquiring an additional 2,851 shares during the period. Finally, Evergreen Capital Management LLC purchased a new stake in Broadstone Net Lease during the third quarter valued at $147,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Kevin Fennell acquired 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, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Kevin Fennell bought 4,000 shares of the 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 acquisition, the chief financial officer now owns 63,556 shares of the company’s stock, valued at $929,824.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael A. Coke purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average price of $14.67 per share, for a total transaction of $146,700.00. Following the completion of 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. 0.62% of the stock is currently owned by company insiders.

Broadstone Net Lease Price Performance

Shares of BNL opened at $15.51 on Thursday. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 16.17 and a beta of 1.10. Broadstone Net Lease, Inc. has a 1 year low of $13.68 and a 1 year high of $17.59. The business’s 50 day simple moving average is $15.02 and its 200-day simple moving average is $15.69.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. The company had revenue of $105.37 million for the quarter, compared to the consensus estimate of $107.76 million. During the same quarter in the prior year, the firm earned $0.34 earnings per share. On average, sell-side analysts expect that Broadstone Net Lease, Inc. will post 1.38 earnings per share for the current year.

Broadstone Net Lease Increases Dividend

The firm 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 is an increase from Broadstone Net Lease’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, June 28th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.48%. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 118.75%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BNL. The Goldman Sachs Group assumed coverage on Broadstone Net Lease in a research report on Thursday, March 7th. They issued a “sell” rating and a $14.00 target price on the stock. Truist Financial lowered their price target on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Tuesday, February 27th. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research note 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 research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Broadstone Net Lease has a consensus rating of “Hold” and a consensus price target of $16.75.

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.