Sumitomo Mitsui Trust Holdings Inc. Grows Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 6.8% during the 4th quarter, Holdings Channel reports. The firm owned 221,129 shares of the company’s stock after acquiring an additional 14,086 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Broadstone Net Lease were worth $3,808,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of BNL. SG Americas Securities LLC lifted its stake in Broadstone Net Lease by 104.4% during the 3rd quarter. SG Americas Securities LLC now owns 57,315 shares of the company’s stock valued at $820,000 after acquiring an additional 29,280 shares during the period. State of Alaska Department of Revenue lifted its stake in Broadstone Net Lease by 1.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 89,237 shares of the company’s stock valued at $1,276,000 after acquiring an additional 1,202 shares during the period. Valeo Financial Advisors LLC acquired a new stake in Broadstone Net Lease during the 3rd quarter valued at approximately $508,000. Armor Investment Advisors LLC acquired a new stake in Broadstone Net Lease during the 3rd quarter valued at approximately $963,000. Finally, New York State Teachers Retirement System lifted its stake in Broadstone Net Lease by 8.4% during the 3rd quarter. New York State Teachers Retirement System now owns 16,701 shares of the company’s stock valued at $239,000 after acquiring an additional 1,294 shares during the period. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Analyst Upgrades and Downgrades

BNL has been the subject of several research reports. TheStreet cut shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a research note on Thursday, March 7th. They set a “sell” rating and a $14.00 price objective for the company. Truist Financial decreased their target price 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. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $16.75.

Broadstone Net Lease Price Performance

BNL opened at $14.55 on Wednesday. The firm has a fifty day moving average price of $14.98 and a 200 day moving average price of $15.58. Broadstone Net Lease, Inc. has a 1 year low of $13.68 and a 1 year high of $17.59. The stock has a market cap of $2.73 billion, a P/E ratio of 17.74 and a beta of 1.09.

Broadstone Net Lease Announces Dividend

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

Insider Activity at Broadstone Net Lease

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

Broadstone Net Lease Company 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.