Allspring Global Investments Holdings LLC Decreases Stock Holdings in Broadstone Net Lease, Inc. $BNL

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Broadstone Net Lease, Inc. by 35.9%, owning 36,671 shares worth approximately $598,000 after selling 20,568 shares in the last quarter.
• Other hedge funds, including Jane Street Group LLC and Envestnet Asset Management Inc., have increased their positions in Broadstone Net Lease significantly, indicating strong institutional interest.
• Broadstone Net Lease has received multiple favorable ratings from analysts, with a consensus target price of about $19.89 and several reports indicating it’s positioned for growth.

Allspring Global Investments Holdings LLC trimmed its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 35.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,671 shares of the company's stock after selling 20,568 shares during the period. Allspring Global Investments Holdings LLC's holdings in Broadstone Net Lease were worth $598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in BNL. Jane Street Group LLC increased its holdings in Broadstone Net Lease by 292.3% during the first quarter. Jane Street Group LLC now owns 553,738 shares of the company's stock valued at $9,436,000 after buying an additional 412,604 shares during the last quarter. Meritage Portfolio Management increased its holdings in 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 buying an additional 97,892 shares during the last quarter. LPL Financial LLC increased its holdings in Broadstone Net Lease by 17.1% during the first quarter. LPL Financial LLC now owns 131,654 shares of the company's stock valued at $2,243,000 after buying an additional 19,190 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in 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 buying an additional 92,909 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Broadstone Net Lease by 1.0% during the first quarter. Vanguard Group Inc. now owns 27,711,994 shares of the company's stock valued at $472,212,000 after buying an additional 266,900 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Broadstone Net Lease Price Performance

Shares of NYSE BNL opened at $18.73 on Friday. The firm has a fifty day moving average price of $18.30 and a 200-day moving average price of $16.82. The stock has a market cap of $3.54 billion, a PE ratio of 36.01 and a beta of 1.00. Broadstone Net Lease, Inc. has a 1 year low of $13.96 and a 1 year high of $18.87.

Wall Street Analysts Forecast Growth

BNL has been the subject of a number of research reports. Cantor Fitzgerald initiated coverage on shares of Broadstone Net Lease in a report on Wednesday, October 1st. They set an "overweight" rating and a $21.00 target price for the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Broadstone Net Lease in a report on Wednesday, October 8th. BTIG Research reaffirmed a "buy" rating and set a $22.00 target price on shares of Broadstone Net Lease in a report on Wednesday, October 1st. Wolfe Research raised shares of Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 target price for the company in a report on Monday, July 28th. Finally, Wall Street Zen raised shares of Broadstone Net Lease from a "sell" rating to a "hold" rating in a report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.89.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.