Cerity Partners LLC Trims Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Cerity Partners LLC trimmed its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 1.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 81,180 shares of the company’s stock after selling 1,117 shares during the period. Cerity Partners LLC’s holdings in Broadstone Net Lease were worth $1,383,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ritholtz Wealth Management raised its stake in Broadstone Net Lease by 2.8% during the first quarter. Ritholtz Wealth Management now owns 24,939 shares of the company’s stock worth $425,000 after purchasing an additional 673 shares during the period. Rockefeller Capital Management L.P. raised its stake in shares of Broadstone Net Lease by 3.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company’s stock valued at $378,000 after acquiring an additional 892 shares during the period. Corient Private Wealth LLC increased its stake in Broadstone Net Lease by 2.2% during the 4th quarter. Corient Private Wealth LLC now owns 41,892 shares of the company’s stock worth $664,000 after buying an additional 907 shares during the period. Summit Investment Advisors Inc. increased its stake in Broadstone Net Lease by 5.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 19,735 shares of the company’s stock worth $313,000 after buying an additional 975 shares during the period. Finally, Nissay Asset Management Corp Japan ADV increased its stake in Broadstone Net Lease by 4.0% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 28,342 shares of the company’s stock worth $452,000 after buying an additional 1,080 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. UBS Group cut their price objective on shares of Broadstone Net Lease from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 16th. BMO Capital Markets set a $20.00 target price on shares of Broadstone Net Lease and gave the stock an “outperform” rating in a report on Monday, March 24th. JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Broadstone Net Lease in a report on Monday, June 2nd. Finally, Truist Financial boosted their price target on shares of Broadstone Net Lease from $17.00 to $18.00 and gave the company a “hold” rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Broadstone Net Lease Stock Down 0.1%

BNL stock opened at $15.76 on Tuesday. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 25.83 and a beta of 1.00. Broadstone Net Lease, Inc. has a 12 month low of $13.96 and a 12 month high of $19.15. The firm has a 50 day moving average of $16.04 and a two-hundred day moving average of $16.08.

Broadstone Net Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 7.36%. The ex-dividend date was Monday, June 30th. Broadstone Net Lease’s dividend payout ratio is currently 190.16%.

About Broadstone Net Lease

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.