Apollon Wealth Management LLC Acquires 216,412 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Apollon Wealth Management LLC raised its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 506.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 259,173 shares of the company’s stock after acquiring an additional 216,412 shares during the period. Apollon Wealth Management LLC owned approximately 0.14% of Broadstone Net Lease worth $4,463,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of BNL. Castleview Partners LLC purchased a new stake in Broadstone Net Lease in the third quarter valued at approximately $36,000. Federated Hermes Inc. purchased a new position in Broadstone Net Lease in the fourth quarter worth $49,000. Covestor Ltd increased its stake in Broadstone Net Lease by 123.1% in the third quarter. Covestor Ltd now owns 5,167 shares of the company’s stock valued at $74,000 after acquiring an additional 2,851 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new position in Broadstone Net Lease in the fourth quarter valued at $86,000. Finally, Evergreen Capital Management LLC purchased a new stake in Broadstone Net Lease during the third quarter valued at about $147,000. Institutional investors own 89.07% of the company’s stock.

Insider Activity

In related news, Director Michael A. Coke acquired 10,000 shares of the stock in a transaction on Monday, February 26th. The stock was acquired at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the completion of the acquisition, the director now directly owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Broadstone Net Lease news, CFO Kevin Fennell bought 4,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were purchased at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the acquisition, the chief financial officer now owns 63,556 shares in the company, valued at approximately $929,824.28. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael A. Coke purchased 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were acquired at an average cost of $14.67 per share, with a total value of $146,700.00. Following the completion of the transaction, the director now owns 34,817 shares in the company, valued at $510,765.39. The disclosure for this purchase can be found here. Insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Broadstone Net Lease Stock Performance

NYSE:BNL traded up $0.18 during midday trading on Monday, reaching $15.41. 740,789 shares of the stock traded hands, compared to its average volume of 1,270,575. The stock has a market capitalization of $2.89 billion, a P/E ratio of 16.05 and a beta of 1.10. Broadstone Net Lease, Inc. has a 12 month low of $13.68 and a 12 month high of $17.59. The company has a fifty day moving average of $14.86 and a 200 day moving average of $15.58.

Broadstone Net Lease (NYSE:BNL) last posted its earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $105.37 million during the quarter, compared to analyst estimates of $107.76 million. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.60%. During the same period in the prior year, the business posted $0.34 earnings per share. On average, analysts predict that Broadstone Net Lease, Inc. will post 1.38 EPS for the current fiscal year.

Broadstone Net Lease Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 annualized dividend and a yield of 7.53%. Broadstone Net Lease’s dividend payout ratio is 118.75%.

Broadstone Net Lease Profile

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.