Legato Capital Management LLC Makes New Investment in Broadstone Net Lease, Inc. (NYSE:BNL)

Legato Capital Management LLC bought a new position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 88,473 shares of the company’s stock, valued at approximately $1,404,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Securities Inc. purchased a new stake in shares of Broadstone Net Lease in the fourth quarter worth approximately $32,000. Federated Hermes Inc. purchased a new position in shares of Broadstone Net Lease during the fourth quarter worth $49,000. Arden Trust Co acquired a new position in Broadstone Net Lease during the second quarter worth about $180,000. Quotient Wealth Partners LLC purchased a new position in Broadstone Net Lease during the fourth quarter worth about $186,000. Finally, Pasadena Private Wealth LLC lifted its stake in Broadstone Net Lease by 12.2% during the first quarter. Pasadena Private Wealth LLC now owns 13,330 shares of the company’s stock worth $209,000 after purchasing an additional 1,449 shares during the last quarter. Institutional investors own 89.07% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on BNL. KeyCorp initiated coverage on shares of Broadstone Net Lease in a report on Wednesday, June 12th. They issued a “sector weight” rating on the stock. Wedbush initiated coverage on Broadstone Net Lease in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Truist Financial increased their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.60.

Broadstone Net Lease Stock Down 0.3 %

BNL traded down $0.05 during trading on Tuesday, reaching $18.43. 430,506 shares of the company’s stock were exchanged, compared to its average volume of 1,192,552. The company has a market capitalization of $3.47 billion, a P/E ratio of 19.26 and a beta of 1.11. Broadstone Net Lease, Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $18.58. The business has a 50 day moving average price of $16.89 and a 200 day moving average price of $15.72.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.15). The company had revenue of $105.91 million for the quarter, compared to the consensus estimate of $105.95 million. Broadstone Net Lease had a return on equity of 4.85% and a net margin of 36.78%. During the same quarter last year, the company posted $0.35 EPS. As a group, research analysts forecast that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 6.29%. The ex-dividend date of this dividend is Monday, September 30th. Broadstone Net Lease’s payout ratio is 120.83%.

Broadstone Net Lease Company 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.