Alliancebernstein L.P. Purchases 51,754 Shares of Broadstone Net Lease, Inc. $BNL

Key Points

• Alliancebernstein L.P. has increased its stake in Broadstone Net Lease, Inc. by 1.1%, owning approximately 4.67 million shares valued at about $79.5 million as of its latest SEC filing.
• The company's quarterly dividend of $0.29 per share will be distributed to shareholders on October 15th, representing an annualized yield of 6.2%.
• Broadstone Net Lease's stock has seen significant analyst activity, with upgrades to "outperform" and "overweight" from several firms, setting varied price targets between $19.00 and $21.00.

Alliancebernstein L.P. raised its holdings in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,666,417 shares of the company's stock after buying an additional 51,754 shares during the quarter. Alliancebernstein L.P. owned 2.47% of Broadstone Net Lease worth $79,516,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BNL. Lazard Asset Management LLC increased its stake in shares of Broadstone Net Lease by 34.1% in the 4th quarter. Lazard Asset Management LLC now owns 76,592 shares of the company's stock valued at $1,214,000 after acquiring an additional 19,467 shares in the last quarter. GAMMA Investing LLC grew its holdings in Broadstone Net Lease by 1,466.0% in 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. Jane Street Group LLC increased its stake in Broadstone Net Lease by 292.3% in the first quarter. Jane Street Group LLC now owns 553,738 shares of the company's stock valued at $9,436,000 after purchasing an additional 412,604 shares in the last quarter. Meritage Portfolio Management raised its holdings 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 valued at $6,594,000 after purchasing an additional 97,892 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings 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 valued at $9,270,000 after purchasing an additional 92,909 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Stock Performance

Shares of Broadstone Net Lease stock traded up $0.03 on Friday, hitting $18.79. The company had a trading volume of 759,751 shares, compared to its average volume of 1,556,566. Broadstone Net Lease, Inc. has a 1 year low of $13.96 and a 1 year high of $19.15. The stock has a 50 day moving average of $17.03 and a 200-day moving average of $16.51. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of 36.13 and a beta of 1.01.

Broadstone Net Lease Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Broadstone Net Lease's dividend payout ratio is presently 223.08%.

Analyst Ratings Changes

Several analysts have recently commented on the company. KeyCorp upgraded Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 target price for the company in a research note on Tuesday, August 19th. JMP Securities reissued a "market outperform" rating and issued a $21.00 price objective on shares of Broadstone Net Lease in a research note on Monday, June 2nd. The Goldman Sachs Group upgraded Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price objective for the company in a report on Thursday, August 21st. Wall Street Zen cut Broadstone Net Lease from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Finally, UBS Group lifted their price target on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.43.

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.