Sumitomo Mitsui Trust Holdings Inc. Grows Stock Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 6.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 221,129 shares of the company’s stock after purchasing an additional 14,086 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.12% of Broadstone Net Lease worth $3,808,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Castleview Partners LLC bought a new stake in Broadstone Net Lease during the third quarter valued at approximately $36,000. Covestor Ltd grew its position in Broadstone Net Lease by 123.1% during the third quarter. Covestor Ltd now owns 5,167 shares of the company’s stock valued at $74,000 after buying an additional 2,851 shares during the period. Tennessee Valley Asset Management Partners bought a new stake in Broadstone Net Lease during the fourth quarter valued at approximately $86,000. Evergreen Capital Management LLC bought a new stake in Broadstone Net Lease during the third quarter valued at approximately $147,000. Finally, Advisor Partners II LLC bought a new stake in Broadstone Net Lease during the third quarter valued at approximately $152,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

Broadstone Net Lease Price Performance

BNL opened at $14.55 on Wednesday. The firm has a market cap of $2.73 billion, a P/E ratio of 17.74 and a beta of 1.09. Broadstone Net Lease, Inc. has a 1-year low of $13.68 and a 1-year high of $17.59. The company has a 50 day simple moving average of $14.98 and a two-hundred day simple moving average of $15.58.

Broadstone Net Lease Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a $0.285 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.84%. Broadstone Net Lease’s payout ratio is currently 139.03%.

Insiders Place Their Bets

In related news, CFO Kevin Fennell bought 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the transaction, the chief financial officer now owns 63,556 shares in the company, valued at $929,824.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Kevin Fennell bought 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the transaction, the chief financial officer now owns 63,556 shares in the company, valued at $929,824.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael A. Coke bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average price of $14.67 per share, with a total value of $146,700.00. Following the transaction, the director now owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The disclosure for this purchase can be found here. Company insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on BNL shares. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Truist Financial cut their target price on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a research report on Tuesday, February 27th. The Goldman Sachs Group started coverage on shares of Broadstone Net Lease in a research report on Thursday, March 7th. They set a “sell” rating and a $14.00 target price for the company. Finally, TheStreet lowered shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $16.75.

About Broadstone Net Lease

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.