Cerity Partners LLC Invests $671,000 in Broadstone Net Lease, Inc. (NYSE:BNL)

Cerity Partners LLC acquired a new stake in Broadstone Net Lease, Inc. (NYSE:BNL) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 38,940 shares of the company’s stock, valued at approximately $671,000.

Several other hedge funds have also recently added to or reduced their stakes in BNL. Castleview Partners LLC purchased a new position in Broadstone Net Lease during the third quarter worth approximately $36,000. Covestor Ltd boosted its position in shares of Broadstone Net Lease by 123.1% during the 3rd quarter. Covestor Ltd now owns 5,167 shares of the company’s stock valued at $74,000 after acquiring an additional 2,851 shares during the last quarter. Evergreen Capital Management LLC purchased a new stake in shares of Broadstone Net Lease in the third quarter valued at about $147,000. Advisor Partners II LLC acquired a new stake in Broadstone Net Lease during the third quarter worth about $152,000. Finally, Sanchez Wealth Management Group purchased a new position in Broadstone Net Lease during the third quarter worth about $166,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on BNL. Truist Financial dropped their price target on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a research note on Tuesday, February 27th. TheStreet lowered Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Finally, The Goldman Sachs Group assumed coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $16.75.

Insider Activity

In other news, CFO Kevin Fennell bought 4,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average price of $14.63 per share, with a total value of $58,520.00. Following the purchase, the chief financial officer now owns 63,556 shares in the company, valued at $929,824.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Broadstone Net Lease news, Director Michael A. Coke purchased 10,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was bought at an average price of $14.67 per share, with a total value of $146,700.00. Following the transaction, the director now directly owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin Fennell purchased 4,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $14.63 per share, with a total value of $58,520.00. Following the purchase, the chief financial officer now owns 63,556 shares of the company’s stock, valued at $929,824.28. The disclosure for this purchase can be found here. Insiders own 0.81% of the company’s stock.

Broadstone Net Lease Stock Performance

NYSE:BNL opened at $14.55 on Wednesday. Broadstone Net Lease, Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $17.59. The company has a 50 day moving average price of $14.98 and a 200 day moving average price of $15.58. The stock has a market capitalization of $2.73 billion, a P/E ratio of 17.74 and a beta of 1.09.

Broadstone Net Lease Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a dividend of $0.285 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.14 annualized dividend and a dividend yield of 7.84%. Broadstone Net Lease’s dividend payout ratio is currently 139.03%.

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.