US Bancorp DE cut its position in Broadstone Net Lease, Inc. (NYSE:BNL – Free Report) by 27.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,405 shares of the company’s stock after selling 928 shares during the period. US Bancorp DE’s holdings in Broadstone Net Lease were worth $41,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Armbruster Capital Management Inc. boosted its stake in Broadstone Net Lease by 22.7% during the 1st quarter. Armbruster Capital Management Inc. now owns 125,503 shares of the company’s stock valued at $2,135,000 after purchasing an additional 23,199 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Broadstone Net Lease by 63.2% during the 1st quarter. Russell Investments Group Ltd. now owns 99,485 shares of the company’s stock valued at $1,692,000 after purchasing an additional 38,522 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Broadstone Net Lease by 2.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,105 shares of the company’s stock valued at $1,039,000 after purchasing an additional 1,672 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Broadstone Net Lease by 11.3% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 99,126 shares of the company’s stock valued at $1,686,000 after purchasing an additional 10,061 shares during the last quarter. Finally, Aew Capital Management L P boosted its stake in Broadstone Net Lease by 19.3% during the 1st quarter. Aew Capital Management L P now owns 379,100 shares of the company’s stock valued at $6,448,000 after purchasing an additional 61,210 shares during the last quarter. 77.42% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Separately, Truist Financial dropped their target price on shares of Broadstone Net Lease from $19.00 to $18.00 in a research report on Wednesday.
Broadstone Net Lease Stock Up 0.3 %
Broadstone Net Lease stock opened at $16.22 on Friday. Broadstone Net Lease, Inc. has a 52 week low of $14.98 and a 52 week high of $19.88. The company’s 50 day moving average price is $16.13 and its two-hundred day moving average price is $16.39. The stock has a market cap of $3.04 billion, a P/E ratio of 18.22 and a beta of 1.07.
Broadstone Net Lease Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 6.91%. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 125.84%.
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 June 30, 2023, BNL's diversified portfolio consisted of 801 individual net leased commercial properties with 794 properties located in 44 U.S.
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