Wolverine Asset Management LLC Acquires Shares of 42,377 Broadstone Net Lease, Inc. (NYSE:BNL)

Wolverine Asset Management LLC acquired a new stake in Broadstone Net Lease, Inc. (NYSE:BNL) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 42,377 shares of the company’s stock, valued at approximately $730,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its position in shares of Broadstone Net Lease by 104.4% during the 3rd quarter. SG Americas Securities LLC now owns 57,315 shares of the company’s stock worth $820,000 after purchasing an additional 29,280 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Broadstone Net Lease by 1.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 89,237 shares of the company’s stock worth $1,276,000 after purchasing an additional 1,202 shares during the last quarter. Valeo Financial Advisors LLC acquired a new position in shares of Broadstone Net Lease during the 3rd quarter worth about $508,000. Armor Investment Advisors LLC purchased a new stake in Broadstone Net Lease during the 3rd quarter valued at about $963,000. Finally, New York State Teachers Retirement System grew its stake in Broadstone Net Lease by 8.4% during the 3rd quarter. New York State Teachers Retirement System now owns 16,701 shares of the company’s stock valued at $239,000 after acquiring an additional 1,294 shares in the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, Director Michael A. Coke acquired 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was purchased 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Broadstone Net Lease news, Director Michael A. Coke bought 10,000 shares of Broadstone Net Lease stock in a transaction on Monday, February 26th. The shares were bought at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the acquisition, the director now directly owns 34,817 shares in the company, valued at $510,765.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin Fennell bought 4,000 shares of Broadstone Net Lease stock in a transaction on Monday, February 26th. The shares were acquired at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the completion of the acquisition, the chief financial officer now owns 63,556 shares in the company, valued at $929,824.28. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by corporate insiders.

Broadstone Net Lease Price Performance

Broadstone Net Lease stock opened at $14.35 on Friday. The firm has a 50 day simple moving average of $14.96 and a 200-day simple moving average of $15.57. Broadstone Net Lease, Inc. has a 1-year low of $13.68 and a 1-year high of $17.59. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 17.49 and a beta of 1.09.

Broadstone Net Lease Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.285 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.95%. Broadstone Net Lease’s payout ratio is currently 139.03%.

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.