Cobblestone Capital Advisors LLC NY Has $15.42 Million Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Cobblestone Capital Advisors LLC NY cut its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 19.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 971,865 shares of the company’s stock after selling 233,832 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in Broadstone Net Lease were worth $15,424,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Broadstone Net Lease by 0.6% in the first quarter. Vanguard Group Inc. now owns 27,962,340 shares of the company’s stock worth $438,170,000 after purchasing an additional 178,102 shares during the period. Principal Financial Group Inc. raised its stake in Broadstone Net Lease by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 14,904,229 shares of the company’s stock worth $256,651,000 after buying an additional 448,338 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Broadstone Net Lease by 1.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,066,020 shares of the company’s stock worth $87,237,000 after acquiring an additional 55,833 shares in the last quarter. Cohen & Steers Inc. grew its stake in Broadstone Net Lease by 22.4% in the fourth quarter. Cohen & Steers Inc. now owns 3,752,300 shares of the company’s stock valued at $64,615,000 after acquiring an additional 686,765 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of Broadstone Net Lease by 74.3% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,860,534 shares of the company’s stock valued at $49,258,000 after acquiring an additional 1,219,509 shares in the last quarter. Institutional investors own 89.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BNL. Wedbush initiated coverage on Broadstone Net Lease in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price on the stock. Truist Financial lifted their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, KeyCorp assumed coverage on shares of Broadstone Net Lease in a report on Wednesday, June 12th. They issued a “sector weight” rating on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.60.

Broadstone Net Lease Trading Up 0.2 %

Shares of BNL traded up $0.03 on Friday, reaching $18.25. 691,008 shares of the company’s stock traded hands, compared to its average volume of 1,188,111. The stock’s 50 day simple moving average is $17.36 and its two-hundred day simple moving average is $15.88. The stock has a market cap of $3.44 billion, a PE ratio of 19.01 and a beta of 1.11. Broadstone Net Lease, Inc. has a 52-week low of $13.68 and a 52-week high of $18.72.

Broadstone Net Lease (NYSE:BNL) last released its earnings results on Tuesday, July 30th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The business had revenue of $105.91 million for the quarter, compared to the consensus estimate of $105.95 million. Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.36%. The ex-dividend date is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio is currently 120.83%.

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.