Wealthedge Investment Advisors LLC Acquires New Position in Broadstone Net Lease, Inc. $BNL

by · The Cerbat Gem

Wealthedge Investment Advisors LLC acquired a new position in shares of Broadstone Net Lease, Inc. (NYSE:BNL – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 66,612 shares of the company’s stock, valued at approximately $1,069,000.

A number of other hedge funds also recently added to or reduced their stakes in BNL. Vanguard Group Inc. lifted its position in shares of Broadstone Net Lease by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 27,711,994 shares of the company’s stock valued at $472,212,000 after acquiring an additional 266,900 shares during the period. Geode Capital Management LLC increased its stake in Broadstone Net Lease by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 5,104,154 shares of the company’s stock valued at $81,929,000 after purchasing an additional 76,531 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Broadstone Net Lease by 1.1% during the first quarter. Alliancebernstein L.P. now owns 4,666,417 shares of the company’s stock worth $79,516,000 after purchasing an additional 51,754 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Broadstone Net Lease by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,145,709 shares of the company’s stock worth $53,603,000 after purchasing an additional 68,196 shares in the last quarter. Finally, Norges Bank purchased a new stake in Broadstone Net Lease during the second quarter worth $39,554,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

Broadstone Net Lease Trading Up 0.1%

Shares of NYSE:BNL opened at $17.57 on Monday. Broadstone Net Lease, Inc. has a 12-month low of $13.96 and a 12-month high of $18.87. The stock’s 50-day moving average price is $18.23 and its two-hundred day moving average price is $17.25. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 37.38 and a beta of 1.00.

Broadstone Net Lease (NYSE:BNL – Get Free Report) last released its earnings results on Wednesday, October 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.23). Broadstone Net Lease had a return on equity of 2.91% and a net margin of 20.04%.The company had revenue of $114.17 million during the quarter, compared to analyst estimates of $111.89 million. Broadstone Net Lease has set its FY 2025 guidance at 1.490-1.500 EPS. As a group, research analysts forecast that Broadstone Net Lease, Inc. will post 1.43 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.16 annualized dividend and a dividend yield of 6.6%. Broadstone Net Lease’s payout ratio is currently 246.81%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BNL. BTIG Research restated a “buy” rating and issued a $22.00 price target on shares of Broadstone Net Lease in a research report on Wednesday, October 1st. Wall Street Zen upgraded shares of Broadstone Net Lease from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Broadstone Net Lease in a report on Wednesday, October 8th. The Goldman Sachs Group upgraded shares of Broadstone Net Lease from a “sell” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Thursday, August 21st. Finally, Truist Financial lifted their price objective on Broadstone Net Lease from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Broadstone Net Lease currently has an average rating of “Moderate Buy” and a consensus target price of $20.11.

Read Our Latest Stock Analysis on Broadstone Net Lease

Broadstone Net Lease Company Profile

(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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