Broadstone Net Lease, Inc. $BNL Shares Purchased by Bank of Nova Scotia

Bank of Nova Scotia lifted its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 181.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 810,941 shares of the company’s stock after acquiring an additional 522,778 shares during the quarter. Bank of Nova Scotia’s holdings in Broadstone Net Lease were worth $13,016,000 at the end of the most recent quarter.

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

Broadstone Net Lease Price Performance

NYSE BNL opened at $17.61 on Thursday. The company has a market cap of $3.33 billion, a P/E ratio of 37.46 and a beta of 1.03. Broadstone Net Lease, Inc. has a 12 month low of $13.96 and a 12 month high of $18.87. The company has a 50-day moving average of $18.12 and a 200-day moving average of $17.33.

Broadstone Net Lease (NYSE:BNL) last issued its earnings results on Wednesday, October 29th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.23). Broadstone Net Lease had a return on equity of 2.93% and a net margin of 20.04%.The firm had revenue of $114.17 million during the quarter, compared to analysts’ expectations of $111.89 million. Broadstone Net Lease has set its FY 2025 guidance at 1.490-1.500 EPS. As a group, equities research analysts anticipate that Broadstone Net Lease, Inc. will post 1.43 EPS for the current year.

Broadstone Net Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.29 dividend. 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 dividend payout ratio is presently 246.81%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Truist Financial upped their target price on shares of Broadstone Net Lease from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Tuesday, November 25th. BTIG Research dropped their price target on Broadstone Net Lease from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, December 5th. BMO Capital Markets reiterated an “outperform” rating on shares of Broadstone Net Lease in a research report on Thursday, December 4th. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Broadstone Net Lease in a research report on Monday, September 29th. Finally, Wall Street Zen upgraded Broadstone Net Lease from a “sell” rating to a “hold” rating in a report on Sunday, November 30th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.10.

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.