Canandaigua National Bank & Trust Co. Sells 46,774 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Canandaigua National Bank & Trust Co. lowered its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 33.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,432 shares of the company’s stock after selling 46,774 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Broadstone Net Lease were worth $1,451,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Broadstone Net Lease by 0.6% in the 1st 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 in the last quarter. Principal Financial Group Inc. raised its position in Broadstone Net Lease by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 14,904,229 shares of the company’s stock worth $256,651,000 after buying an additional 448,338 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Broadstone Net Lease by 1.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,066,020 shares of the company’s stock valued at $87,237,000 after acquiring an additional 55,833 shares during the period. Cohen & Steers Inc. boosted its holdings in shares of Broadstone Net Lease by 22.4% during the 4th quarter. Cohen & Steers Inc. now owns 3,752,300 shares of the company’s stock valued at $64,615,000 after acquiring an additional 686,765 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its stake in shares of Broadstone Net Lease by 74.3% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,860,534 shares of the company’s stock worth $49,258,000 after acquiring an additional 1,219,509 shares during the period. Institutional investors own 89.07% of the company’s stock.

Analysts Set New Price Targets

Separately, KeyCorp initiated coverage on shares of Broadstone Net Lease in a research report on Wednesday, June 12th. They set a “sector weight” rating on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $16.75.

Broadstone Net Lease Stock Performance

Shares of NYSE BNL traded up $0.01 during midday trading on Friday, hitting $17.17. 294,517 shares of the company’s stock traded hands, compared to its average volume of 1,216,050. Broadstone Net Lease, Inc. has a 1 year low of $13.68 and a 1 year high of $18.10. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 17.88 and a beta of 1.11. The firm has a fifty day moving average of $16.31 and a 200 day moving average of $15.61.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.85% and a net margin of 36.78%. The company had revenue of $105.91 million during the quarter, compared to analysts’ expectations of $105.95 million. During the same quarter in the previous year, the firm earned $0.35 EPS. 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 6.76%. The ex-dividend date of this dividend is Monday, September 30th. Broadstone Net Lease’s payout ratio is 120.83%.

Broadstone Net Lease Company 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.