Broadstone Net Lease, Inc. (NYSE:BNL) Stake Reduced by Apollon Wealth Management LLC

Apollon Wealth Management LLC reduced its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 18.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 209,155 shares of the company’s stock after selling 46,493 shares during the quarter. Apollon Wealth Management LLC owned 0.11% of Broadstone Net Lease worth $3,963,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Evermay Wealth Management LLC grew its holdings in shares of Broadstone Net Lease by 1.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 48,509 shares of the company’s stock worth $774,000 after acquiring an additional 579 shares during the last quarter. Xponance Inc. boosted its position in shares of Broadstone Net Lease by 5.1% in the 2nd quarter. Xponance Inc. now owns 11,922 shares of the company’s stock valued at $189,000 after purchasing an additional 580 shares during the period. Strategic Advocates LLC increased its stake in Broadstone Net Lease by 4.1% in the 2nd quarter. Strategic Advocates LLC now owns 24,116 shares of the company’s stock worth $383,000 after purchasing an additional 953 shares in the last quarter. HB Wealth Management LLC raised its holdings in Broadstone Net Lease by 4.8% during the 2nd quarter. HB Wealth Management LLC now owns 21,178 shares of the company’s stock worth $336,000 after buying an additional 967 shares during the period. Finally, Arizona State Retirement System lifted its stake in Broadstone Net Lease by 2.1% during the second quarter. Arizona State Retirement System now owns 52,549 shares of the company’s stock valued at $834,000 after buying an additional 1,086 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Wall Street Analyst Weigh In

BNL has been the topic of a number of recent analyst reports. Wedbush initiated coverage on shares of Broadstone Net Lease in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target on the stock. Truist Financial boosted their target price on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, The Goldman Sachs Group raised their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.25.

Broadstone Net Lease Stock Performance

Broadstone Net Lease stock opened at $17.19 on Wednesday. The firm’s 50 day moving average price is $18.27 and its two-hundred day moving average price is $17.02. The firm has a market cap of $3.24 billion, a PE ratio of 22.62 and a beta of 1.12. Broadstone Net Lease, Inc. has a twelve month low of $14.20 and a twelve month high of $19.15.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $106.47 million. During the same quarter in the prior year, the business posted $0.36 earnings per share. Equities analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.29 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.16 annualized dividend and a dividend yield of 6.75%. Broadstone Net Lease’s payout ratio is 152.63%.

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.