Vanguard Group Inc. Boosts Stake in Broadstone Net Lease, Inc. (NYSE:BNL)

Vanguard Group Inc. lifted its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,711,994 shares of the company’s stock after acquiring an additional 266,900 shares during the quarter. Vanguard Group Inc. owned 14.68% of Broadstone Net Lease worth $472,212,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BNL. Northern Trust Corp raised its position in shares of Broadstone Net Lease by 20.0% during the 4th quarter. Northern Trust Corp now owns 2,464,544 shares of the company’s stock worth $39,088,000 after purchasing an additional 410,767 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of Broadstone Net Lease by 87.3% during the 1st quarter. Allianz Asset Management GmbH now owns 1,288,892 shares of the company’s stock worth $21,963,000 after purchasing an additional 600,633 shares during the last quarter. Systematic Financial Management LP raised its position in shares of Broadstone Net Lease by 43.1% during the 4th quarter. Systematic Financial Management LP now owns 1,069,837 shares of the company’s stock worth $16,968,000 after purchasing an additional 322,131 shares during the last quarter. Invesco Ltd. raised its position in shares of Broadstone Net Lease by 7.1% during the 4th quarter. Invesco Ltd. now owns 1,035,938 shares of the company’s stock worth $16,430,000 after purchasing an additional 69,041 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of Broadstone Net Lease by 161.0% during the 4th quarter. Bank of America Corp DE now owns 761,471 shares of the company’s stock worth $12,077,000 after purchasing an additional 469,733 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on BNL. Wall Street Zen upgraded shares of Broadstone Net Lease from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Truist Financial increased their price objective 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. UBS Group cut their price objective on shares of Broadstone Net Lease from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, July 16th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price objective on shares of Broadstone Net Lease in a report on Monday, June 2nd. Finally, Wolfe Research raised shares of Broadstone Net Lease from a “peer perform” rating to an “outperform” rating and set a $19.00 price target for the company in a research note on Monday, July 28th. One analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.57.

Broadstone Net Lease Stock Down 0.2%

Shares of BNL stock opened at $16.70 on Friday. Broadstone Net Lease, Inc. has a 52 week low of $13.96 and a 52 week high of $19.15. The stock has a market capitalization of $3.16 billion, a PE ratio of 32.12 and a beta of 1.00. The firm has a 50 day moving average of $16.21 and a two-hundred day moving average of $16.15.

Broadstone Net Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date is Tuesday, September 30th. Broadstone Net Lease’s dividend payout ratio (DPR) is presently 223.08%.

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.