Principal Financial Group Inc. Has $5.99 Million Stock Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Principal Financial Group Inc. lowered its position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 97.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 316,378 shares of the company's stock after selling 14,405,012 shares during the quarter. Principal Financial Group Inc. owned about 0.17% of Broadstone Net Lease worth $5,993,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BNL. Vanguard Group Inc. increased its stake in shares of Broadstone Net Lease by 0.6% during the first quarter. Vanguard Group Inc. now owns 27,962,340 shares of the company's stock valued at $438,170,000 after acquiring an additional 178,102 shares during the period. Millennium Management LLC grew its position in Broadstone Net Lease by 709.4% in the second quarter. Millennium Management LLC now owns 3,177,459 shares of the company's stock worth $50,426,000 after buying an additional 2,784,878 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Broadstone Net Lease by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,767,296 shares of the company's stock valued at $28,047,000 after buying an additional 54,885 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Broadstone Net Lease by 159.4% during the 1st quarter. Janus Henderson Group PLC now owns 1,394,892 shares of the company's stock valued at $21,858,000 after acquiring an additional 857,141 shares during the last quarter. Finally, V3 Capital Management L.P. acquired a new position in shares of Broadstone Net Lease in the 1st quarter worth $20,747,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Broadstone Net Lease Stock Performance

Shares of Broadstone Net Lease stock traded up $0.18 during midday trading on Thursday, reaching $17.22. 148,946 shares of the company's stock traded hands, compared to its average volume of 1,157,958. Broadstone Net Lease, Inc. has a 52 week low of $14.20 and a 52 week high of $19.15. The company's 50 day simple moving average is $18.12 and its 200 day simple moving average is $17.09. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 22.43 and a beta of 1.12.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). The company had revenue of $108.40 million for the quarter, compared to the consensus estimate of $106.47 million. Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. During the same quarter last year, the business earned $0.36 earnings per share. As a group, equities research analysts predict that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 6.74%. Broadstone Net Lease's dividend payout ratio (DPR) is presently 152.63%.

Wall Street Analyst Weigh In

BNL has been the subject of a number of recent analyst reports. The Goldman Sachs Group increased their price target on Broadstone Net Lease from $14.50 to $16.00 and gave the company a "sell" rating in a research report on Friday, September 13th. Truist Financial boosted their price target on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a "hold" rating in a report on Friday, August 16th. UBS Group initiated coverage on shares of Broadstone Net Lease in a research note on Thursday, November 14th. They issued a "neutral" rating and a $18.00 price objective for the company. Finally, Wedbush started coverage on shares of Broadstone Net Lease in a research note on Monday, August 19th. They set an "outperform" rating and a $20.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target 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.