Bank of Nova Scotia Takes $4.91 Million Position in Broadstone Net Lease, Inc. (NYSE:BNL)

Key Points

• The Bank of Nova Scotia purchased a new stake in Broadstone Net Lease, Inc., acquiring 288,163 shares valued at approximately $4.91 million, representing about 0.15% ownership of the company.
• The company announced a quarterly dividend of $0.29 per share, resulting in an annualized yield of 6.9%, with a payout ratio of 223.08%.
• Several brokerages have varied ratings for Broadstone Net Lease, with a consensus rating of "Moderate Buy" and an average price target of $18.57.

Bank of Nova Scotia purchased a new stake 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 Securities and Exchange Commission. The institutional investor purchased 288,163 shares of the company's stock, valued at approximately $4,910,000. Bank of Nova Scotia owned 0.15% of Broadstone Net Lease as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Rockefeller Capital Management L.P. increased its position in shares of Broadstone Net Lease by 3.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company's stock valued at $378,000 after buying an additional 892 shares in the last quarter. Lazard Asset Management LLC increased its position 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 buying an additional 19,467 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Broadstone Net Lease by 1,466.0% in the 1st quarter. GAMMA Investing LLC now owns 31,711 shares of the company's stock valued at $540,000 after buying an additional 29,686 shares in the last quarter. Meritage Portfolio Management increased its position in shares of Broadstone Net Lease by 33.9% in the 1st 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 in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Broadstone Net Lease by 20.6% in the 1st 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 in the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Broadstone Net Lease Price Performance

BNL stock traded down $0.03 during trading hours on Friday, reaching $16.84. 838,928 shares of the stock were exchanged, compared to its average volume of 1,476,456. The firm's 50-day moving average is $16.16 and its 200-day moving average is $16.14. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 32.38 and a beta of 1.00. Broadstone Net Lease, Inc. has a 12 month low of $13.96 and a 12 month high of $19.15.

Broadstone Net Lease Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BNL. JMP Securities restated a "market outperform" rating and issued a $21.00 price objective on shares of Broadstone Net Lease in a research report on Monday, June 2nd. Wolfe Research upgraded shares of Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price objective for the company in a research report on Monday, July 28th. UBS Group lowered their target price on Broadstone Net Lease from $17.00 to $16.00 and set a "neutral" rating for the company 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, August 3rd. Finally, Truist Financial increased their target price on Broadstone Net Lease from $17.00 to $18.00 and gave the stock a "hold" rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.57.

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.