Mirae Asset Global Investments Co. Ltd. Grows Stock Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 35.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,314 shares of the company’s stock after buying an additional 1,908 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Broadstone Net Lease were worth $138,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in BNL. Millennium Management LLC grew its stake in shares of Broadstone Net Lease by 709.4% during the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after acquiring an additional 2,784,878 shares during the period. V3 Capital Management L.P. purchased a new stake in shares of Broadstone Net Lease during the first quarter worth about $20,747,000. Lasalle Investment Management Securities LLC purchased a new position in Broadstone Net Lease in the 1st quarter worth approximately $18,226,000. Victory Capital Management Inc. boosted its stake 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 worth $17,040,000 after purchasing an additional 1,029,048 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Broadstone Net Lease by 431.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,176,195 shares of the company’s stock valued at $18,431,000 after buying an additional 955,066 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Trading Up 0.5 %

BNL opened at $17.54 on Tuesday. The stock has a 50-day moving average of $18.38 and a 200 day moving average of $16.86. Broadstone Net Lease, Inc. has a 12 month low of $14.20 and a 12 month high of $19.15. The firm has a market cap of $3.31 billion, a P/E ratio of 23.08 and a beta of 1.12.

Broadstone Net Lease (NYSE:BNL) last released its quarterly 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 analysts’ expectations of $106.47 million. Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.45%. During the same quarter in the previous year, the company posted $0.36 EPS. On average, research analysts forecast that Broadstone Net Lease, Inc. will post 1.39 earnings per share 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. Shareholders of record on Tuesday, December 31st will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.61%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease’s payout ratio is currently 152.63%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BNL. The Goldman Sachs Group upped their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday, September 13th. Wedbush started coverage on Broadstone Net Lease in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price target for the company. Finally, Truist Financial upped their price objective on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Broadstone Net Lease currently has a consensus 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.