Cetera Investment Advisers Buys Shares of 426,002 Broadstone Net Lease, Inc. (NYSE:BNL)

Key Points

• Cetera Investment Advisers acquired 426,002 shares of Broadstone Net Lease, Inc. valued at approximately $7.26 million, representing about 0.23% of the company's stock.
• Analysts have mixed outlooks on Broadstone Net Lease, with price targets ranging from $16.00 to $21.00, and a consensus rating of "Hold" despite varying predictions among research firms.
• The company declared a quarterly dividend of $0.29, reflecting a dividend yield of 7.1%, with the next payment scheduled for October 15th.

Cetera Investment Advisers acquired a new position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 426,002 shares of the company's stock, valued at approximately $7,259,000. Cetera Investment Advisers owned approximately 0.23% of Broadstone Net Lease as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Rockefeller Capital Management L.P. raised its position in shares of Broadstone Net Lease by 3.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company's stock worth $378,000 after purchasing an additional 892 shares during the period. Lazard Asset Management LLC raised its position in shares of Broadstone Net Lease by 34.1% during the fourth quarter. Lazard Asset Management LLC now owns 76,592 shares of the company's stock worth $1,214,000 after purchasing an additional 19,467 shares during the period. GAMMA Investing LLC raised its position in shares of Broadstone Net Lease by 1,466.0% during the first quarter. GAMMA Investing LLC now owns 31,711 shares of the company's stock worth $540,000 after purchasing an additional 29,686 shares during the period. Meritage Portfolio Management raised its position in shares of Broadstone Net Lease by 33.9% during the first quarter. Meritage Portfolio Management now owns 386,997 shares of the company's stock worth $6,594,000 after purchasing an additional 97,892 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Broadstone Net Lease by 20.6% during the first quarter. Envestnet Asset Management Inc. now owns 543,987 shares of the company's stock worth $9,270,000 after purchasing an additional 92,909 shares during the period. Institutional investors own 89.07% of the company's stock.

Broadstone Net Lease Trading Up 1.0%

NYSE BNL traded up $0.17 on Tuesday, reaching $16.89. The stock had a trading volume of 904,846 shares, compared to its average volume of 1,459,194. The business has a 50 day moving average price of $16.08 and a 200 day moving average price of $16.11. Broadstone Net Lease, Inc. has a 1 year low of $13.96 and a 1 year high of $19.15. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of 32.45 and a beta of 1.00.

Broadstone Net Lease Announces Dividend

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

Analysts Set New Price Targets

BNL has been the topic of a number of recent analyst reports. JMP Securities reaffirmed a "market outperform" rating and set a $21.00 target price on shares of Broadstone Net Lease in a research report on Monday, June 2nd. Wolfe Research upgraded Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price target on the stock in a report on Monday, July 28th. UBS Group lowered their price target on Broadstone Net Lease from $17.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Wall Street Zen upgraded Broadstone Net Lease from a "sell" rating to a "hold" rating in a report on Sunday. Finally, Truist Financial lifted their price target on Broadstone Net Lease from $17.00 to $18.00 and gave the company a "hold" rating in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.57.

Broadstone Net Lease 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.