Westpac Banking Corp Cuts Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Westpac Banking Corp lowered its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 14.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,404 shares of the company’s stock after selling 16,858 shares during the quarter. Westpac Banking Corp owned 0.05% of Broadstone Net Lease worth $1,545,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its holdings in Broadstone Net Lease by 30.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 466,782 shares of the company’s stock worth $7,403,000 after buying an additional 108,907 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Broadstone Net Lease by 79.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 44,955 shares of the company’s stock worth $705,000 after acquiring an additional 19,839 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Broadstone Net Lease by 15.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,820,961 shares of the company’s stock valued at $28,880,000 after purchasing an additional 237,083 shares during the last quarter. Intech Investment Management LLC lifted its position in Broadstone Net Lease by 234.3% during the fourth quarter. Intech Investment Management LLC now owns 111,588 shares of the company’s stock valued at $1,770,000 after purchasing an additional 78,205 shares during the period. Finally, JPL Wealth Management LLC purchased a new stake in Broadstone Net Lease in the fourth quarter worth approximately $513,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Broadstone Net Lease Stock Performance

NYSE BNL opened at $16.71 on Friday. The business’s fifty day moving average is $16.40 and its 200 day moving average is $16.96. Broadstone Net Lease, Inc. has a fifty-two week low of $14.21 and a fifty-two week high of $19.15. The company has a market capitalization of $3.16 billion, a PE ratio of 19.21 and a beta of 1.03.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.16. The firm had revenue of $112.13 million for the quarter, compared to analysts’ expectations of $109.80 million. Broadstone Net Lease had a return on equity of 5.10% and a net margin of 37.62%. On average, sell-side analysts forecast that Broadstone Net Lease, Inc. will post 1.43 EPS for the current year.

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.29 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.94%. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 133.33%.

Wall Street Analysts Forecast Growth

BNL has been the subject of a number of research reports. BMO Capital Markets set a $20.00 target price on shares of Broadstone Net Lease and gave the company an “outperform” rating in a research note on Monday, March 24th. Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Finally, JMP Securities raised Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Broadstone Net Lease has an average rating of “Hold” and a consensus target price of $18.83.

About Broadstone Net Lease

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.