Covestor Ltd Sells 4,598 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Covestor Ltd lessened its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 51.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,376 shares of the company’s stock after selling 4,598 shares during the period. Covestor Ltd’s holdings in Broadstone Net Lease were worth $83,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Broadstone Net Lease by 0.6% in the first quarter. Vanguard Group Inc. now owns 27,962,340 shares of the company’s stock worth $438,170,000 after purchasing an additional 178,102 shares during the period. Millennium Management LLC increased its stake in Broadstone Net Lease by 709.4% in the 2nd quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock worth $50,426,000 after acquiring an additional 2,784,878 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Broadstone Net Lease by 3.2% in the 2nd 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 in the last quarter. Janus Henderson Group PLC boosted 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. bought a new stake in shares of Broadstone Net Lease during the 1st quarter valued at about $20,747,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BNL. Truist Financial upped their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Wedbush started coverage on shares of Broadstone Net Lease in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price objective on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.25.

Broadstone Net Lease Price Performance

Shares of BNL opened at $17.02 on Thursday. Broadstone Net Lease, Inc. has a 1 year low of $14.20 and a 1 year high of $19.15. The stock has a 50 day simple moving average of $18.24 and a two-hundred day simple moving average of $17.02. The firm has a market cap of $3.21 billion, a P/E ratio of 22.40 and a beta of 1.12.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The business had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. On average, equities analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 6.82%. Broadstone Net Lease’s payout ratio is 152.63%.

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.