Brookfield Corp ON Makes New Investment in Broadstone Net Lease, Inc. (NYSE:BNL)

Brookfield Corp ON bought a new position in Broadstone Net Lease, Inc. (NYSE:BNL) in the 3rd quarter, Holdings Channel.com reports. The firm bought 973,324 shares of the company’s stock, valued at approximately $18,444,000.

Several other hedge funds have also modified their holdings of the stock. Millennium Management LLC raised its stake in shares of Broadstone Net Lease by 709.4% during the second quarter. Millennium Management LLC now owns 3,177,459 shares of the company’s stock valued at $50,426,000 after purchasing an additional 2,784,878 shares during the period. Victory Capital Management Inc. grew its holdings in Broadstone Net Lease by 2,302.8% during the 2nd quarter. Victory Capital Management Inc. now owns 1,073,735 shares of the company’s stock valued at $17,040,000 after purchasing an additional 1,029,048 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Broadstone Net Lease during the 3rd quarter worth $12,574,000. Systematic Financial Management LP lifted its holdings in Broadstone Net Lease by 298.1% in the 3rd quarter. Systematic Financial Management LP now owns 747,706 shares of the company’s stock worth $14,169,000 after buying an additional 559,906 shares in the last quarter. Finally, Meritage Portfolio Management purchased a new position in Broadstone Net Lease in the 3rd quarter valued at about $5,610,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Broadstone Net Lease Stock Performance

Broadstone Net Lease stock opened at $17.23 on Friday. Broadstone Net Lease, Inc. has a 1 year low of $14.20 and a 1 year high of $19.15. The firm’s 50-day moving average is $17.78 and its 200-day moving average is $17.24. The company has a market cap of $3.25 billion, a P/E ratio of 22.67 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last issued its earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The business had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. During the same period in the prior year, the business earned $0.36 EPS. As a group, sell-side analysts predict 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 announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 6.73%. The ex-dividend date of this dividend is Tuesday, December 31st. Broadstone Net Lease’s payout ratio is 152.63%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BNL shares. UBS Group started coverage on Broadstone Net Lease in a research note on Thursday, November 14th. They set a “neutral” rating and a $18.00 price objective for the company. Truist Financial raised their price target 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. The Goldman Sachs Group upped their price target on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, September 13th. Finally, Wedbush started coverage on shares of Broadstone Net Lease in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Broadstone Net Lease has an average rating of “Hold” and a consensus target price of $18.20.

Broadstone Net Lease Company Profile

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.