Meritage Portfolio Management Acquires New Stake in Broadstone Net Lease, Inc. (NYSE:BNL)

Meritage Portfolio Management purchased a new stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 296,045 shares of the company’s stock, valued at approximately $5,610,000. Meritage Portfolio Management owned 0.16% of Broadstone Net Lease as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in 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 buying an additional 178,102 shares in the last quarter. Millennium Management LLC increased its holdings 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 in the last quarter. Bank of New York Mellon Corp raised its stake in Broadstone Net Lease by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,767,296 shares of the company’s stock worth $28,047,000 after acquiring an additional 54,885 shares during the period. Janus Henderson Group PLC lifted its holdings in Broadstone Net Lease by 159.4% during the first quarter. Janus Henderson Group PLC now owns 1,394,892 shares of the company’s stock valued at $21,858,000 after purchasing an additional 857,141 shares in the last quarter. Finally, V3 Capital Management L.P. bought a new position in shares of Broadstone Net Lease in the first quarter worth approximately $20,747,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Trading Up 0.6 %

Shares of Broadstone Net Lease stock traded up $0.11 on Friday, hitting $17.64. 1,453,789 shares of the company traded hands, compared to its average volume of 965,083. Broadstone Net Lease, Inc. has a 52 week low of $14.20 and a 52 week high of $19.15. The company has a market cap of $3.33 billion, a PE ratio of 23.21 and a beta of 1.12. The stock’s 50 day moving average price is $18.31 and its 200-day moving average price is $16.96.

Broadstone Net Lease (NYSE:BNL) last posted its earnings results 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). The company had revenue of $108.40 million for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company earned $0.36 EPS. As a group, research analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.29 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.58%. Broadstone Net Lease’s payout ratio is 152.63%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group upped their price objective on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Friday, September 13th. Truist Financial increased their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Wedbush initiated coverage on shares of Broadstone Net Lease in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price on the stock. One 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, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.25.

Broadstone Net Lease 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.