Legal & General Group Plc Reduces Stock Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Legal & General Group Plc decreased its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 9.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 957,773 shares of the company's stock after selling 101,677 shares during the quarter. Legal & General Group Plc owned about 0.51% of Broadstone Net Lease worth $15,190,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Federated Hermes Inc. grew its position in shares of Broadstone Net Lease by 73,833.3% during the fourth quarter. Federated Hermes Inc. now owns 2,218 shares of the company's stock valued at $35,000 after purchasing an additional 2,215 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Broadstone Net Lease by 139.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,735 shares of the company's stock worth $43,000 after acquiring an additional 1,592 shares in the last quarter. Assetmark Inc. boosted its position in shares of Broadstone Net Lease by 345.1% during the 4th quarter. Assetmark Inc. now owns 4,464 shares of the company's stock valued at $71,000 after acquiring an additional 3,461 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Broadstone Net Lease by 23.7% in the fourth quarter. Blue Trust Inc. now owns 4,827 shares of the company's stock valued at $77,000 after purchasing an additional 925 shares in the last quarter. Finally, KBC Group NV increased its position in Broadstone Net Lease by 27.0% in the fourth quarter. KBC Group NV now owns 7,901 shares of the company's stock worth $125,000 after purchasing an additional 1,681 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, BMO Capital Markets set a $20.00 target price on shares of Broadstone Net Lease and gave the stock an "outperform" rating in a report on Monday, March 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Broadstone Net Lease presently has an average rating of "Moderate Buy" and a consensus target price of $18.83.

Broadstone Net Lease Stock Up 0.9 %

NYSE BNL traded up $0.14 on Friday, reaching $16.09. The stock had a trading volume of 746,334 shares, compared to its average volume of 1,163,427. Broadstone Net Lease, Inc. has a 12-month low of $13.96 and a 12-month high of $19.15. The stock has a fifty day moving average price of $16.32 and a two-hundred day moving average price of $16.68. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 18.49 and a beta of 1.03.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.20 by $0.16. The company had revenue of $112.13 million during the quarter, compared to analysts' expectations of $109.80 million. Broadstone Net Lease had a net margin of 37.62% and a return on equity of 5.10%. Sell-side analysts forecast that Broadstone Net Lease, Inc. will post 1.43 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 7.21%. The ex-dividend date of this dividend was Monday, March 31st. Broadstone Net Lease's dividend payout ratio is currently 133.33%.

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.