Wealth Enhancement Advisory Services LLC Sells 34,186 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Wealth Enhancement Advisory Services LLC trimmed its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 8.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 357,875 shares of the company's stock after selling 34,186 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.19% of Broadstone Net Lease worth $6,782,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Broadstone Net Lease by 257.5% during the third quarter. GAMMA Investing LLC now owns 1,766 shares of the company's stock valued at $33,000 after acquiring an additional 1,272 shares during the last quarter. Quarry LP grew its holdings in Broadstone Net Lease by 93.1% in the second quarter. Quarry LP now owns 2,556 shares of the company's stock worth $41,000 after purchasing an additional 1,232 shares during the period. Blue Trust Inc. grew its stake in shares of Broadstone Net Lease by 156.5% in the 3rd quarter. Blue Trust Inc. now owns 3,902 shares of the company's stock valued at $74,000 after buying an additional 2,381 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Broadstone Net Lease by 35.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,314 shares of the company's stock valued at $138,000 after acquiring an additional 1,908 shares during the period. Finally, Arden Trust Co bought a new stake in Broadstone Net Lease during the 2nd quarter valued at $180,000. Institutional investors own 89.07% of the company's stock.

Broadstone Net Lease Price Performance

Shares of NYSE BNL traded down $0.52 during mid-day trading on Thursday, reaching $17.59. 1,377,161 shares of the company's stock were exchanged, compared to its average volume of 1,156,344. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 21.19 and a beta of 1.11. The firm has a 50-day moving average price of $18.40 and a two-hundred day moving average price of $16.80. Broadstone Net Lease, Inc. has a 52 week low of $13.91 and a 52 week high of $19.15.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last released its earnings results on Tuesday, July 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 net margin of 36.78% and a return on equity of 4.86%. The company had revenue of $105.91 million during the quarter, compared to analysts' expectations of $105.95 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. As a group, sell-side analysts forecast that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 annualized dividend and a yield of 6.59%. Broadstone Net Lease's payout ratio is 139.76%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BNL. The Goldman Sachs Group raised their price target on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a "sell" rating in a research report on Friday, September 13th. Wedbush began coverage on Broadstone Net Lease in a report on Monday, August 19th. They set an "outperform" rating and a $20.00 price target for the company. Finally, Truist Financial upped their target price on shares of 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 analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Broadstone Net Lease has an average rating of "Hold" and an average target price of $18.25.

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.