Appleton Partners Inc. MA Acquires Shares of 36,577 Broadstone Net Lease, Inc. $BNL

Key Points

• Appleton Partners Inc. MA has acquired 36,577 shares of Broadstone Net Lease, Inc. for approximately $587,000.
• Broadstone Net Lease shares have recently been given a consensus target price of $19.89, with multiple analysts issuing buy and outperform ratings.
• The company announced a quarterly dividend of $0.29, representing an annual yield of 6.2%, despite a high dividend payout ratio of 223.08%.

Appleton Partners Inc. MA bought a new position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 36,577 shares of the company's stock, valued at approximately $587,000.

Several other hedge funds also recently bought and sold shares of the company. Ritholtz Wealth Management raised its holdings in Broadstone Net Lease by 2.8% in the first quarter. Ritholtz Wealth Management now owns 24,939 shares of the company's stock worth $425,000 after purchasing an additional 673 shares during the period. Xponance Inc. raised its holdings in Broadstone Net Lease by 5.3% in the first quarter. Xponance Inc. now owns 14,298 shares of the company's stock worth $244,000 after purchasing an additional 721 shares during the period. State of Alaska Department of Revenue raised its holdings in Broadstone Net Lease by 1.3% in the first quarter. State of Alaska Department of Revenue now owns 91,475 shares of the company's stock worth $1,558,000 after purchasing an additional 1,157 shares during the period. KBC Group NV raised its holdings 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. Finally, QRG Capital Management Inc. raised its holdings in Broadstone Net Lease by 11.3% in the first quarter. QRG Capital Management Inc. now owns 14,078 shares of the company's stock worth $240,000 after purchasing an additional 1,427 shares during the period. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BNL has been the topic of several analyst reports. UBS Group increased their target price on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, August 15th. JMP Securities reiterated a "market outperform" rating and issued a $21.00 target price on shares of Broadstone Net Lease in a report on Monday, September 29th. The Goldman Sachs Group upgraded shares of Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price objective on the stock in a report on Thursday, August 21st. BTIG Research restated a "buy" rating and set a $22.00 price objective on shares of Broadstone Net Lease in a report on Wednesday, October 1st. Finally, Wolfe Research upgraded shares of Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price objective on the stock in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Broadstone Net Lease presently has an average rating of "Moderate Buy" and a consensus target price of $19.89.

Broadstone Net Lease Stock Down 0.4%

Shares of NYSE:BNL opened at $18.61 on Tuesday. Broadstone Net Lease, Inc. has a 12 month low of $13.96 and a 12 month high of $18.85. The company's fifty day simple moving average is $17.80 and its 200 day simple moving average is $16.66. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 35.79 and a beta of 1.00.

Broadstone Net Lease Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 6.2%. Broadstone Net Lease's dividend payout ratio (DPR) is 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.

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