Allspring Global Investments Holdings LLC Sells 19,057 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Allspring Global Investments Holdings LLC lowered its position in Broadstone Net Lease, Inc. (NYSE:BNL) by 41.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,979 shares of the company’s stock after selling 19,057 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Broadstone Net Lease were worth $428,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in 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 acquiring an additional 54,885 shares during the last quarter. Apollon Wealth Management LLC increased its stake in Broadstone Net Lease by 1.5% in the second quarter. Apollon Wealth Management LLC now owns 255,648 shares of the company’s stock valued at $4,057,000 after acquiring an additional 3,862 shares during the last quarter. Vanderbilt University increased its stake in Broadstone Net Lease by 34.1% in the second quarter. Vanderbilt University now owns 66,764 shares of the company’s stock valued at $1,060,000 after acquiring an additional 16,981 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Broadstone Net Lease by 5.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 392,061 shares of the company’s stock valued at $6,222,000 after acquiring an additional 21,160 shares during the last quarter. Finally, Strategic Advocates LLC increased its stake in Broadstone Net Lease by 4.1% in the second quarter. Strategic Advocates LLC now owns 24,116 shares of the company’s stock valued at $383,000 after acquiring an additional 953 shares during the last quarter. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Trading Up 0.2 %

Broadstone Net Lease stock opened at $18.25 on Friday. The firm has a 50-day moving average of $17.36 and a 200-day moving average of $15.88. The firm has a market cap of $3.44 billion, a P/E ratio of 19.01 and a beta of 1.11. Broadstone Net Lease, Inc. has a 1-year low of $13.68 and a 1-year high of $18.72.

Broadstone Net Lease (NYSE:BNL) last posted 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). The firm had revenue of $105.91 million for the quarter, compared to analysts’ expectations of $105.95 million. Broadstone Net Lease had a return on equity of 4.86% and a net margin of 36.78%. During the same quarter in the prior year, the company posted $0.35 earnings per share. Research analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current fiscal year.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.36%. Broadstone Net Lease’s dividend payout ratio is currently 120.83%.

Analyst Ratings Changes

BNL has been the topic of a number of research analyst reports. KeyCorp initiated coverage on Broadstone Net Lease in a research note on Wednesday, June 12th. They issued a “sector weight” rating on the stock. Wedbush started coverage on Broadstone Net Lease in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price on the stock. Finally, Truist Financial upped their price target on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $17.60.

Broadstone Net Lease Profile

BNL is an industrial-focused, diversified net lease REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2023, BNL's diversified portfolio consisted of 800 individual net leased commercial properties with 793 properties located in 44 U.S.