Tennessee Valley Asset Management Partners Makes New Investment in Broadstone Net Lease, Inc. (NYSE:BNL)

Tennessee Valley Asset Management Partners bought a new position in Broadstone Net Lease, Inc. (NYSE:BNL) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 5,000 shares of the company’s stock, valued at approximately $86,000.

Several other hedge funds also recently bought and sold shares of the company. Perigon Wealth Management LLC increased its position in Broadstone Net Lease by 1.1% in the 4th quarter. Perigon Wealth Management LLC now owns 81,773 shares of the company’s stock worth $1,408,000 after purchasing an additional 915 shares during the last quarter. Cerity Partners LLC bought a new stake in shares of Broadstone Net Lease during the 4th quarter worth about $671,000. Custom Index Systems LLC bought a new stake in shares of Broadstone Net Lease during the 4th quarter worth about $260,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Broadstone Net Lease by 250.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 26,281 shares of the company’s stock worth $453,000 after acquiring an additional 18,782 shares in the last quarter. Finally, E&G Advisors LP bought a new stake in shares of Broadstone Net Lease during the 4th quarter worth about $643,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadstone Net Lease

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

Broadstone Net Lease Stock Up 0.5 %

Broadstone Net Lease stock opened at $14.57 on Tuesday. The business has a 50 day moving average price of $14.99 and a two-hundred day moving average price of $15.58. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 17.77 and a beta of 1.09. Broadstone Net Lease, Inc. has a 12 month low of $13.68 and a 12 month high of $17.59.

Broadstone Net Lease Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a $0.285 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.14 annualized dividend and a yield of 7.82%. Broadstone Net Lease’s dividend payout ratio (DPR) is 139.03%.

Wall Street Analysts Forecast Growth

BNL has been the subject of several recent analyst reports. The Goldman Sachs Group initiated coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They set a “sell” rating and a $14.00 price target for the company. TheStreet downgraded Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. Finally, Truist Financial decreased their target price on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a research note on Tuesday, February 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.75.

About Broadstone Net Lease

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.