Cadence Bank Takes Position in Global Net Lease, Inc. (NYSE:GNL)

Cadence Bank bought a new stake in shares of Global Net Lease, Inc. (NYSE:GNL) in the first quarter, HoldingsChannel reports. The institutional investor bought 20,500 shares of the financial services provider’s stock, valued at approximately $159,000.

Other institutional investors have also recently modified their holdings of the company. Corient Private Wealth LLC lifted its position in shares of Global Net Lease by 3,410.4% during the 4th quarter. Corient Private Wealth LLC now owns 2,688,951 shares of the financial services provider’s stock valued at $26,755,000 after acquiring an additional 2,612,351 shares during the period. Vanguard Group Inc. lifted its position in shares of Global Net Lease by 83.8% during the 3rd quarter. Vanguard Group Inc. now owns 30,770,077 shares of the financial services provider’s stock valued at $295,700,000 after acquiring an additional 14,033,117 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Global Net Lease by 25.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,236,299 shares of the financial services provider’s stock valued at $17,376,000 after acquiring an additional 460,717 shares during the period. CastleKnight Management LP raised its holdings in shares of Global Net Lease by 59.2% during the 4th quarter. CastleKnight Management LP now owns 1,164,081 shares of the financial services provider’s stock worth $11,583,000 after buying an additional 432,729 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its holdings in shares of Global Net Lease by 1.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 219,851 shares of the financial services provider’s stock worth $2,188,000 after buying an additional 3,044 shares in the last quarter. 61.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GNL. Truist Financial began coverage on Global Net Lease in a report on Thursday, March 28th. They set a “hold” rating and a $7.00 price target for the company. JMP Securities reissued a “market perform” rating on shares of Global Net Lease in a report on Wednesday, June 12th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $11.00 price target on shares of Global Net Lease in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $11.00.

Global Net Lease Price Performance

GNL traded up $0.23 on Friday, reaching $8.96. The stock had a trading volume of 1,099,340 shares, compared to its average volume of 1,547,244. Global Net Lease, Inc. has a fifty-two week low of $6.52 and a fifty-two week high of $11.58. The firm has a 50-day moving average of $7.61 and a 200-day moving average of $7.71. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -4.85, a price-to-earnings-growth ratio of 1.12 and a beta of 1.38.

Global Net Lease Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Shareholders of record on Thursday, July 11th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 12.28%. The ex-dividend date of this dividend was Thursday, July 11th. This is a boost from Global Net Lease’s previous quarterly dividend of $0.06. Global Net Lease’s dividend payout ratio is presently -60.44%.

Insiders Place Their Bets

In other Global Net Lease news, major shareholder Nicholas S. Schorsch sold 100,000 shares of the company’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $7.02, for a total value of $702,000.00. Following the completion of the transaction, the insider now owns 1,829,073 shares of the company’s stock, valued at approximately $12,840,092.46. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, major shareholder Nicholas S. Schorsch sold 100,000 shares of the stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $7.02, for a total value of $702,000.00. Following the completion of the sale, the insider now owns 1,829,073 shares of the company’s stock, valued at $12,840,092.46. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Nicholas S. Schorsch sold 150,000 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $7.19, for a total value of $1,078,500.00. Following the completion of the sale, the insider now directly owns 2,079,073 shares of the company’s stock, valued at approximately $14,948,534.87. The disclosure for this sale can be found here. Insiders sold a total of 1,043,070 shares of company stock valued at $7,497,437 in the last 90 days. Corporate insiders own 0.31% of the company’s stock.

Global Net Lease Profile

Global Net Lease, Inc (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe.