Strs Ohio Trims Stock Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Strs Ohio lessened its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 2.5% during the 4th quarter, Holdings Channel reports. The firm owned 38,400 shares of the company’s stock after selling 1,000 shares during the quarter. Strs Ohio’s holdings in Broadstone Net Lease were worth $661,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BNL. Tritonpoint Wealth LLC purchased a new stake in shares of Broadstone Net Lease in the fourth quarter valued at about $29,582,000. Aew Capital Management L P lifted its holdings in shares of Broadstone Net Lease by 143.0% in the third quarter. Aew Capital Management L P now owns 2,050,890 shares of the company’s stock valued at $29,328,000 after purchasing an additional 1,206,830 shares in the last quarter. HighTower Advisors LLC purchased a new stake in shares of Broadstone Net Lease in the third quarter valued at about $11,016,000. Prime Capital Investment Advisors LLC purchased a new stake in shares of Broadstone Net Lease in the fourth quarter valued at about $10,074,000. Finally, Principal Financial Group Inc. raised its position in shares of Broadstone Net Lease by 4.0% in the third quarter. Principal Financial Group Inc. now owns 14,455,891 shares of the company’s stock valued at $206,719,000 after buying an additional 551,241 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Insider Buying and Selling

In related news, CFO Kevin Fennell purchased 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $14.63 per share, with a total value of $58,520.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Kevin Fennell purchased 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $14.63 per share, with a total value of $58,520.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. Coke acquired 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was acquired at an average cost 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 $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on BNL. Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Truist Financial cut 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 research report on Tuesday, February 27th. TheStreet lowered shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. Finally, The Goldman Sachs Group began coverage on shares of Broadstone Net Lease in a research report on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Broadstone Net Lease currently has a consensus rating of “Hold” and a consensus target price of $16.75.

Broadstone Net Lease Stock Performance

Shares of BNL stock opened at $14.35 on Friday. Broadstone Net Lease, Inc. has a one year low of $13.68 and a one year high of $17.59. The company has a 50 day moving average price of $14.96 and a 200 day moving average price of $15.57. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 17.49 and a beta of 1.09.

Broadstone Net Lease Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 7.95%. The ex-dividend date of this dividend was Wednesday, March 27th. Broadstone Net Lease’s dividend payout ratio (DPR) is 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.