Federated Hermes Inc. Makes New Investment in Broadstone Net Lease, Inc. (NYSE:BNL)

Federated Hermes Inc. purchased a new position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,850 shares of the company’s stock, valued at approximately $49,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. New York State Teachers Retirement System lifted its stake in shares of Broadstone Net Lease by 8.4% during the third quarter. New York State Teachers Retirement System now owns 16,701 shares of the company’s stock worth $239,000 after buying an additional 1,294 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Broadstone Net Lease by 11.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 78,184 shares of the company’s stock valued at $1,118,000 after acquiring an additional 8,300 shares during the last quarter. Castleview Partners LLC acquired a new stake in shares of Broadstone Net Lease in the third quarter worth $36,000. Advisor Partners II LLC purchased a new position in shares of Broadstone Net Lease during the third quarter worth $152,000. Finally, Sanchez Wealth Management Group purchased a new stake in Broadstone Net Lease in the third quarter valued at $166,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

BNL has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on Broadstone Net Lease in a report on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective for the company. Wolfe Research reaffirmed a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. Truist Financial lowered their price target 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. Finally, TheStreet cut shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a report 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 company. According to data from MarketBeat.com, Broadstone Net Lease presently has an average rating of “Hold” and a consensus target price of $16.75.

Broadstone Net Lease Price Performance

Shares of BNL stock opened at $15.41 on Tuesday. Broadstone Net Lease, Inc. has a 1-year low of $13.68 and a 1-year high of $17.59. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 16.05 and a beta of 1.10. The stock has a 50 day simple moving average of $14.87 and a 200-day simple moving average of $15.59.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. The business had revenue of $105.37 million for the quarter, compared to the consensus estimate of $107.76 million. During the same period last year, the firm posted $0.34 earnings per share. Analysts anticipate that Broadstone Net Lease, Inc. will post 1.38 earnings per share for the current fiscal year.

Broadstone Net Lease Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 7.53%. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Friday, June 28th. Broadstone Net Lease’s payout ratio is presently 118.75%.

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.