Broadstone Net Lease, Inc. (NYSE:BNL) Shares Sold by Apollon Wealth Management LLC

Apollon Wealth Management LLC reduced its position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 18.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 209,155 shares of the company's stock after selling 46,493 shares during the period. Apollon Wealth Management LLC owned 0.11% of Broadstone Net Lease worth $3,963,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Evermay Wealth Management LLC lifted its position in shares of Broadstone Net Lease by 1.2% in the second quarter. Evermay Wealth Management LLC now owns 48,509 shares of the company's stock worth $774,000 after buying an additional 579 shares in the last quarter. Xponance Inc. increased its stake in Broadstone Net Lease by 5.1% during the second quarter. Xponance Inc. now owns 11,922 shares of the company's stock worth $189,000 after acquiring an additional 580 shares during the last quarter. Strategic Advocates LLC increased its stake in Broadstone Net Lease by 4.1% during the second quarter. Strategic Advocates LLC now owns 24,116 shares of the company's stock worth $383,000 after acquiring an additional 953 shares during the last quarter. HB Wealth Management LLC increased its stake in Broadstone Net Lease by 4.8% during the second quarter. HB Wealth Management LLC now owns 21,178 shares of the company's stock worth $336,000 after acquiring an additional 967 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Broadstone Net Lease by 2.1% during the second quarter. Arizona State Retirement System now owns 52,549 shares of the company's stock worth $834,000 after acquiring an additional 1,086 shares during the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on BNL. The Goldman Sachs Group upped their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the company a "sell" rating in a research note on Friday, September 13th. Wedbush began coverage on Broadstone Net Lease in a research note on Monday, August 19th. They issued an "outperform" rating and a $20.00 price objective on the stock. Finally, Truist Financial increased their price objective on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a "hold" rating in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $18.25.

Broadstone Net Lease Stock Performance

Broadstone Net Lease stock traded down $0.12 during mid-day trading on Wednesday, reaching $17.08. 382,341 shares of the company were exchanged, compared to its average volume of 1,158,858. The business has a fifty day moving average of $18.27 and a 200 day moving average of $17.02. The firm has a market cap of $3.22 billion, a P/E ratio of 22.47 and a beta of 1.12. Broadstone Net Lease, Inc. has a 12-month low of $14.20 and a 12-month high of $19.15.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. The business had revenue of $108.40 million for the quarter, compared to analysts' expectations of $106.47 million. During the same quarter in the prior year, the company posted $0.36 EPS. Sell-side analysts predict that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 6.79%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease's payout ratio is 152.63%.

Broadstone Net Lease Profile

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.