Geode Capital Management LLC Increases Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Geode Capital Management LLC grew its position in Broadstone Net Lease, Inc. (NYSE:BNL) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,844,943 shares of the company’s stock after purchasing an additional 62,515 shares during the quarter. Geode Capital Management LLC owned approximately 2.57% of Broadstone Net Lease worth $91,827,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BNL. Barclays PLC boosted its holdings in Broadstone Net Lease by 131.1% in the third quarter. Barclays PLC now owns 318,142 shares of the company’s stock valued at $6,028,000 after purchasing an additional 180,456 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in Broadstone Net Lease by 0.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 270,542 shares of the company’s stock worth $5,127,000 after acquiring an additional 2,387 shares in the last quarter. XTX Topco Ltd acquired a new position in Broadstone Net Lease in the third quarter valued at $348,000. Zimmer Partners LP purchased a new position in shares of Broadstone Net Lease during the third quarter worth about $948,000. Finally, Brookfield Corp ON acquired a new stake in shares of Broadstone Net Lease during the third quarter worth about $18,444,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BNL shares. UBS Group started coverage on Broadstone Net Lease in a research report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price target on the stock. JMP Securities raised shares of Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Tuesday. Citizens Jmp upgraded shares of Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Finally, The Goldman Sachs Group raised their price target on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Broadstone Net Lease has an average rating of “Hold” and an average price target of $18.60.

Broadstone Net Lease Price Performance

Broadstone Net Lease stock opened at $15.86 on Friday. The stock’s 50 day moving average price is $17.49 and its 200 day moving average price is $17.34. The company has a market cap of $2.99 billion, a PE ratio of 20.87 and a beta of 1.10. Broadstone Net Lease, Inc. has a 1-year low of $14.20 and a 1-year high of $19.15.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The company had revenue of $108.40 million for the quarter, compared to analyst estimates of $106.47 million. Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. During the same period last year, the company earned $0.36 earnings per share. On average, equities research analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 7.31%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease’s payout ratio is currently 152.63%.

About Broadstone Net Lease

Broadstone Net Lease, Inc (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation’s operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties.