Nisa Investment Advisors LLC Sells 12,811 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Nisa Investment Advisors LLC trimmed its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 16.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 62,877 shares of the company’s stock after selling 12,811 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Broadstone Net Lease were worth $1,083,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Wyoming bought a new position in shares of Broadstone Net Lease during the second quarter valued at about $26,000. FMR LLC increased its position in shares of Broadstone Net Lease by 67.8% during the second quarter. FMR LLC now owns 1,903 shares of the company’s stock valued at $39,000 after buying an additional 769 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Broadstone Net Lease during the second quarter valued at about $30,000. Castleview Partners LLC purchased a new position in shares of Broadstone Net Lease during the third quarter valued at about $36,000. Finally, Comerica Bank increased its position in shares of Broadstone Net Lease by 1,195.0% during the third quarter. Comerica Bank now owns 4,649 shares of the company’s stock valued at $66,000 after buying an additional 4,290 shares during the period. 89.07% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Kevin Fennell purchased 4,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were purchased at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the acquisition, the chief financial officer now directly owns 63,556 shares in the company, valued at approximately $929,824.28. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Kevin Fennell purchased 4,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were purchased at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the acquisition, the chief financial officer now directly owns 63,556 shares in the company, valued at approximately $929,824.28. The purchase was disclosed in a document filed 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 dated 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 acquisition, the director now owns 34,817 shares of the company’s stock, valued at $510,765.39. The disclosure for this purchase can be found here. Corporate insiders own 0.81% of the company’s stock.

Broadstone Net Lease Stock Performance

Shares of BNL opened at $14.46 on Tuesday. The stock has a market cap of $2.71 billion, a PE ratio of 17.63 and a beta of 1.09. Broadstone Net Lease, Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $17.59. The firm’s 50-day simple moving average is $15.15 and its two-hundred day simple moving average is $15.57.

Broadstone Net Lease Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 7.88%. The ex-dividend date was Wednesday, March 27th. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 139.03%.

Analyst Ratings Changes

Several brokerages recently issued reports on BNL. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. The Goldman Sachs Group began coverage on shares of Broadstone Net Lease in a research report on Thursday, March 7th. They set a “sell” rating and a $14.00 price target on the stock. JPMorgan Chase & Co. upgraded shares of Broadstone Net Lease from a “neutral” rating to an “overweight” rating and set a $19.00 price target on the stock in a research report on Monday, December 18th. Truist Financial reduced 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 research report on Tuesday, February 27th. Finally, TheStreet cut shares of 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 assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus 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.