Allspring Global Investments Holdings LLC Grows Stock Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Allspring Global Investments Holdings LLC increased its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 250.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,281 shares of the company’s stock after buying an additional 18,782 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Broadstone Net Lease were worth $453,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. E&G Advisors LP acquired a new position in Broadstone Net Lease during the fourth quarter worth $643,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Broadstone Net Lease by 1.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 608,567 shares of the company’s stock valued at $10,480,000 after buying an additional 8,926 shares during the last quarter. Tritonpoint Wealth LLC acquired a new stake in shares of Broadstone Net Lease in the fourth quarter valued at about $29,582,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of Broadstone Net Lease in the fourth quarter valued at about $10,074,000. Finally, Traveka Wealth LLC acquired a new stake in shares of Broadstone Net Lease in the fourth quarter valued at about $237,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BNL has been the subject of a number of analyst reports. Truist Financial dropped their price objective on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a report on Tuesday, February 27th. Wolfe Research reaffirmed a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. The Goldman Sachs Group initiated coverage on shares of Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective for the company. Finally, TheStreet lowered shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Broadstone Net Lease presently has an average rating of “Hold” and an average target price of $16.75.

Insiders Place Their Bets

In related news, Director Michael A. Coke acquired 10,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were bought at an average price of $14.67 per share, with a total value of $146,700.00. Following the completion of the acquisition, the director now owns 34,817 shares in the company, valued at $510,765.39. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Broadstone Net Lease news, CFO Kevin Fennell bought 4,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were acquired at an average cost of $14.63 per share, with a total value of $58,520.00. Following the acquisition, the chief financial officer now directly owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael A. Coke bought 10,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was acquired at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the completion of the acquisition, the director now directly owns 34,817 shares in the company, valued at $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is owned by corporate insiders.

Broadstone Net Lease Trading Down 0.7 %

BNL stock opened at $14.35 on Friday. Broadstone Net Lease, Inc. has a twelve month low of $13.68 and a twelve month high of $17.59. The company’s 50 day moving average is $14.96 and its two-hundred day moving average is $15.57. The stock has a market cap of $2.69 billion, a P/E ratio of 17.49 and a beta of 1.09.

Broadstone Net Lease Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a dividend of $0.285 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 dividend on an annualized basis and a yield of 7.95%. Broadstone Net Lease’s payout ratio is currently 139.03%.

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.