Broadstone Net Lease, Inc. (NYSE:BNL) Shares Sold by Arizona State Retirement System

Arizona State Retirement System cut its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 1.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 52,351 shares of the company’s stock after selling 951 shares during the period. Arizona State Retirement System’s holdings in Broadstone Net Lease were worth $901,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State of Wyoming acquired a new stake in Broadstone Net Lease during the second quarter valued at approximately $26,000. FMR LLC lifted its stake in 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 purchasing an additional 769 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in Broadstone Net Lease during the second quarter valued at approximately $30,000. Castleview Partners LLC acquired a new stake in Broadstone Net Lease during the third quarter valued at approximately $36,000. Finally, Comerica Bank lifted its stake in 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 purchasing an additional 4,290 shares during the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Broadstone Net Lease news, CFO Kevin Fennell bought 4,000 shares of Broadstone Net Lease stock in a transaction that occurred on Monday, February 26th. The stock was acquired 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 owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Kevin Fennell purchased 4,000 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $929,824.28. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael A. Coke acquired 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was bought at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the completion of the transaction, the director now directly 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 Price Performance

BNL opened at $14.36 on Wednesday. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 17.51 and a beta of 1.09. The firm has a 50 day simple moving average of $15.12 and a 200 day simple moving average of $15.57. Broadstone Net Lease, Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $17.59.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were paid a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 7.94%. The ex-dividend date was Wednesday, March 27th. Broadstone Net Lease’s payout ratio is presently 139.03%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. TheStreet downgraded shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a report on Thursday, March 7th. They set a “sell” rating and a $14.00 price target on the stock. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Finally, Truist Financial dropped their target price 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. One investment 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. According to data from MarketBeat, Broadstone Net Lease has an average rating of “Hold” and a consensus target price 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.