Martingale Asset Management L P Takes Position in Broadstone Net Lease, Inc. $BNL

Key Points

• Martingale Asset Management L P has acquired 186,014 shares of Broadstone Net Lease, Inc. (BNL), valued at approximately $3.17 million, representing about 0.10% ownership in the company.
• Broadstone Net Lease announced a quarterly dividend of $0.29 per share, set to be paid on October 15th, with a yield of 6.5%.
• Analyst ratings are generally positive, with the consensus rating classified as "Moderate Buy" and a target price of $19.43, indicating growth potential for the stock.

Martingale Asset Management L P purchased a new position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 186,014 shares of the company's stock, valued at approximately $3,170,000. Martingale Asset Management L P owned approximately 0.10% of Broadstone Net Lease as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tower Research Capital LLC TRC increased its stake in Broadstone Net Lease by 192.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,914 shares of the company's stock valued at $46,000 after buying an additional 1,918 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Broadstone Net Lease during the fourth quarter valued at approximately $54,000. Quarry LP bought a new stake in Broadstone Net Lease during the fourth quarter worth approximately $57,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Broadstone Net Lease in the first quarter worth approximately $115,000. Finally, KBC Group NV lifted its position in Broadstone Net Lease by 15.1% in the first quarter. KBC Group NV now owns 9,094 shares of the company's stock worth $155,000 after purchasing an additional 1,193 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on BNL shares. Wolfe Research upgraded Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price objective for the company in a report on Monday, July 28th. The Goldman Sachs Group upgraded shares of Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price target on the stock in a research report on Thursday. Wall Street Zen lowered shares of Broadstone Net Lease from a "hold" rating to a "sell" rating in a research report on Friday. Truist Financial lifted their price objective on shares of Broadstone Net Lease from $17.00 to $18.00 and gave the stock a "hold" rating in a research note on Monday, May 5th. Finally, JMP Securities restated a "market outperform" rating and set a $21.00 target price on shares of Broadstone Net Lease in a report on Monday, June 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Broadstone Net Lease presently has a consensus rating of "Moderate Buy" and an average price target of $19.43.

Broadstone Net Lease Stock Performance

Shares of NYSE BNL traded up $0.4280 during mid-day trading on Friday, reaching $18.2280. The company had a trading volume of 3,932,225 shares, compared to its average volume of 1,788,284. Broadstone Net Lease, Inc. has a twelve month low of $13.96 and a twelve month high of $19.15. The stock's 50 day moving average is $16.34 and its 200-day moving average is $16.22. The stock has a market capitalization of $3.45 billion, a PE ratio of 35.05 and a beta of 1.00.

Broadstone Net Lease Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Broadstone Net Lease's payout ratio is currently 223.08%.

Broadstone Net Lease Company Profile

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.