Victory Capital Management Inc. Acquires 380,772 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Victory Capital Management Inc. grew its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 35.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,454,507 shares of the company’s stock after acquiring an additional 380,772 shares during the quarter. Victory Capital Management Inc.’s holdings in Broadstone Net Lease were worth $27,563,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Broadstone Net Lease by 257.5% during the third quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock valued at $33,000 after purchasing an additional 1,272 shares during the last quarter. Quarry LP raised its position in shares of Broadstone Net Lease by 93.1% during the 2nd quarter. Quarry LP now owns 2,556 shares of the company’s stock valued at $41,000 after buying an additional 1,232 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Broadstone Net Lease by 156.5% during the 3rd quarter. Blue Trust Inc. now owns 3,902 shares of the company’s stock worth $74,000 after acquiring an additional 2,381 shares during the last quarter. US Bancorp DE grew its position in Broadstone Net Lease by 636.6% in the third quarter. US Bancorp DE now owns 3,941 shares of the company’s stock worth $75,000 after acquiring an additional 3,406 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Broadstone Net Lease by 35.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,314 shares of the company’s stock valued at $138,000 after acquiring an additional 1,908 shares during the last quarter. Institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Price Performance

BNL opened at $17.20 on Monday. The stock’s 50 day simple moving average is $18.19 and its 200 day simple moving average is $17.07. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 22.63 and a beta of 1.12. Broadstone Net Lease, Inc. has a 1 year low of $14.20 and a 1 year high of $19.15.

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 the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The firm had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. During the same quarter in the prior year, the business posted $0.36 EPS. As a group, sell-side analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.74%. The ex-dividend date is Tuesday, December 31st. Broadstone Net Lease’s payout ratio is 152.63%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BNL. UBS Group began coverage on Broadstone Net Lease in a research note on Thursday. They set a “neutral” rating and a $18.00 price target for the company. Wedbush began coverage on Broadstone Net Lease in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price for the company. The Goldman Sachs Group increased their price target on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, September 13th. Finally, Truist Financial boosted their price objective on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Broadstone Net Lease currently has an average rating of “Hold” and an average price target 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.