Principal Financial Group Inc. Decreases Stock Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Principal Financial Group Inc. decreased its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 4.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,048,417 shares of the company's stock after selling 672,973 shares during the quarter. Principal Financial Group Inc. owned approximately 7.45% of Broadstone Net Lease worth $266,218,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Millennium Management LLC raised 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 valued at $50,426,000 after purchasing an additional 2,784,878 shares during the period. Victory Capital Management Inc. raised its holdings in Broadstone Net Lease by 2,302.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company's stock valued at $17,040,000 after buying an additional 1,029,048 shares during the period. Brookfield Corp ON acquired a new position in Broadstone Net Lease in the third quarter valued at about $18,444,000. Wellington Management Group LLP purchased a new position in Broadstone Net Lease during the third quarter worth about $12,574,000. Finally, Systematic Financial Management LP boosted its stake in Broadstone Net Lease by 298.1% during the third quarter. Systematic Financial Management LP now owns 747,706 shares of the company's stock worth $14,169,000 after buying an additional 559,906 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BNL. The Goldman Sachs Group boosted 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 note on Friday, September 13th. JMP Securities raised Broadstone Net Lease from a "market perform" rating to an "outperform" rating and set a $21.00 target price on the stock in a research report on Tuesday. UBS Group started coverage on Broadstone Net Lease in a research report on Thursday, November 14th. They set a "neutral" rating and a $18.00 price target for the company. Finally, Citizens Jmp raised Broadstone Net Lease from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $18.60.

Broadstone Net Lease Stock Up 1.3 %

BNL traded up $0.21 during trading on Friday, hitting $16.07. 4,145,190 shares of the stock were exchanged, compared to its average volume of 1,163,793. Broadstone Net Lease, Inc. has a 1-year low of $14.20 and a 1-year high of $19.15. The stock has a fifty day moving average price of $17.49 and a two-hundred day moving average price of $17.34. The firm has a market capitalization of $3.03 billion, a P/E ratio of 21.15 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL - Get Free Report) last announced 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 business had revenue of $108.40 million during the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $0.36 earnings per share. Analysts predict that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.29 per share. 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 7.22%. Broadstone Net Lease's payout ratio is 152.63%.

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.