Citigroup Inc. Buys 114,215 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Citigroup Inc. boosted its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 86.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 246,987 shares of the company's stock after acquiring an additional 114,215 shares during the quarter. Citigroup Inc. owned approximately 0.13% of Broadstone Net Lease worth $4,680,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Eagle Asset Management Inc. bought a new position in Broadstone Net Lease during the third quarter valued at about $4,928,000. Intech Investment Management LLC acquired a new stake in Broadstone Net Lease in the 3rd quarter worth approximately $633,000. Segall Bryant & Hamill LLC bought a new stake in Broadstone Net Lease during the third quarter worth approximately $3,691,000. Pathstone Holdings LLC grew its holdings in Broadstone Net Lease by 30.6% during the third quarter. Pathstone Holdings LLC now owns 95,977 shares of the company's stock valued at $1,819,000 after purchasing an additional 22,461 shares during the last quarter. Finally, Thrivent Financial for Lutherans bought a new position in shares of Broadstone Net Lease in the third quarter valued at approximately $3,186,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL traded down $0.11 during trading on Tuesday, hitting $17.17. 1,100,877 shares of the stock were exchanged, compared to its average volume of 1,067,003. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 22.59 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. The company's fifty day simple moving average is $17.91 and its 200-day simple moving average is $17.22.

Broadstone Net Lease (NYSE:BNL - Get Free Report) 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). Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The business had revenue of $108.40 million for the quarter, compared to analyst estimates of $106.47 million. During the same quarter in the prior year, the firm earned $0.36 EPS. On average, research analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a yield of 6.76%. Broadstone Net Lease's payout ratio is currently 152.63%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BNL. The Goldman Sachs Group raised their target price on shares of 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. Truist Financial raised their target price on Broadstone Net Lease from $16.00 to $18.00 and gave the company a "hold" rating in a report on Friday, August 16th. Finally, UBS Group started coverage on Broadstone Net Lease in a research report on Thursday, November 14th. They issued a "neutral" rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Broadstone Net Lease currently has a consensus rating of "Hold" and an average target price of $18.20.

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.