Prudential Financial Inc. lowered its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 93.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 116,810 shares of the company's stock after selling 1,703,999 shares during the period. Prudential Financial Inc. owned approximately 0.06% of Broadstone Net Lease worth $2,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in the company. 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 acquired a new stake in shares of Broadstone Net Lease during the third quarter valued at about $12,574,000. Systematic Financial Management LP raised its stake in shares of Broadstone Net Lease by 298.1% in the 3rd quarter. Systematic Financial Management LP now owns 747,706 shares of the company's stock valued at $14,169,000 after acquiring an additional 559,906 shares during the period. Columbus Macro LLC acquired a new position in shares of Broadstone Net Lease in the 4th quarter worth approximately $6,269,000. Finally, Thrivent Financial for Lutherans boosted its position in shares of Broadstone Net Lease by 220.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 538,743 shares of the company's stock worth $8,545,000 after purchasing an additional 370,598 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the company. BMO Capital Markets set a $20.00 target price on Broadstone Net Lease and gave the company an "outperform" rating in a research report on Monday, March 24th. JMP Securities upgraded Broadstone Net Lease from a "market perform" rating to an "outperform" rating and set a $21.00 target price for the company in a report on Tuesday, December 17th. Finally, Citizens Jmp raised Broadstone Net Lease from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Broadstone Net Lease has a consensus rating of "Hold" and an average target price of $18.83.
Get Our Latest Report on BNL
Broadstone Net Lease Stock Performance
Shares of NYSE:BNL traded up $0.66 on Wednesday, hitting $15.38. 3,389,569 shares of the company's stock were exchanged, compared to its average volume of 1,157,087. The firm's 50-day moving average is $16.31 and its 200 day moving average is $16.81. The company has a market capitalization of $2.90 billion, a PE ratio of 17.68 and a beta of 1.03. Broadstone Net Lease, Inc. has a 1-year low of $14.06 and a 1-year high of $19.15.
Broadstone Net Lease (NYSE:BNL - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.16. The company had revenue of $112.13 million for 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%. On average, analysts anticipate that Broadstone Net Lease, Inc. will post 1.43 EPS for the current fiscal year.
Broadstone Net Lease Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.54%. The ex-dividend date of this dividend is Monday, March 31st. Broadstone Net Lease's dividend payout ratio (DPR) is currently 133.33%.
About Broadstone Net Lease
(
Free Report)
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.
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