HGI Capital Management LLC Takes $4.08 Million Position in Broadstone Net Lease, Inc. (NYSE:BNL)

HGI Capital Management LLC bought a new stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 215,154 shares of the company's stock, valued at approximately $4,077,000. Broadstone Net Lease comprises 3.6% of HGI Capital Management LLC's investment portfolio, making the stock its 12th biggest position. HGI Capital Management LLC owned about 0.11% of Broadstone Net Lease as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Millennium Management LLC grew its holdings in Broadstone Net Lease by 709.4% in the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company's stock valued at $50,426,000 after buying an additional 2,784,878 shares in the last quarter. Lasalle Investment Management Securities LLC acquired a new position in shares of Broadstone Net Lease in the first quarter valued at about $18,226,000. Victory Capital Management Inc. increased its position in Broadstone Net Lease by 2,302.8% during the second quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company's stock worth $17,040,000 after acquiring an additional 1,029,048 shares during the period. Janus Henderson Group PLC raised its stake in Broadstone Net Lease by 159.4% in the 1st quarter. Janus Henderson Group PLC now owns 1,394,892 shares of the company's stock worth $21,858,000 after purchasing an additional 857,141 shares in the last quarter. Finally, Meritage Portfolio Management bought a new stake in Broadstone Net Lease in the 3rd quarter valued at about $5,610,000. Institutional investors own 89.07% of the company's stock.

Broadstone Net Lease Stock Performance

Shares of BNL stock remained flat at $17.52 on Friday. The company had a trading volume of 645,606 shares, compared to its average volume of 1,154,281. The stock's 50 day moving average is $17.97 and its 200 day moving average is $17.17. The company has a market capitalization of $3.30 billion, a PE ratio of 23.34 and a beta of 1.12. Broadstone Net Lease, Inc. has a twelve month low of $14.20 and a twelve month high of $19.15.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.19 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.15). The company had revenue of $108.40 million during the quarter, compared to the consensus estimate 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 posted $0.36 EPS. As a group, analysts predict that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.29 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.16 annualized dividend and a dividend yield of 6.62%. Broadstone Net Lease's dividend payout ratio (DPR) is presently 152.63%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Wedbush started coverage on shares of Broadstone Net Lease in a report on Monday, August 19th. They set an "outperform" rating and a $20.00 target price on the stock. The Goldman Sachs Group lifted their price objective on Broadstone Net Lease from $14.50 to $16.00 and gave the company a "sell" rating in a report on Friday, September 13th. UBS Group started coverage on Broadstone Net Lease in a report on Thursday, November 14th. They set a "neutral" rating and a $18.00 target price on the stock. Finally, Truist Financial boosted their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the company a "hold" rating in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $18.20.

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.