Boston Partners Buys New Position in Broadstone Net Lease, Inc. $BNL

Key Points

• Boston Partners acquired a new stake in Broadstone Net Lease, Inc., purchasing 473,648 shares valued at approximately $8.07 million, representing 0.25% ownership of the company.
• Recent analyst reports show a shift in sentiment, with Wolfe Research upgrading Broadstone's rating from "peer perform" to "outperform" and setting a price target of $19.00.
• Broadstone has declared a quarterly dividend of $0.29 per share, which translates to an annualized dividend yield of 6.9%, set to be paid on October 15th.

Boston Partners acquired a new stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 473,648 shares of the company's stock, valued at approximately $8,071,000. Boston Partners owned 0.25% of Broadstone Net Lease at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Rockefeller Capital Management L.P. lifted its holdings 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 lifted its holdings 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 lifted its holdings 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 lifted 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 worth $6,594,000 after purchasing an additional 97,892 shares during the period. Finally, Envestnet Asset Management Inc. lifted 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 worth $9,270,000 after purchasing an additional 92,909 shares during the period. 89.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BNL has been the subject of several recent research reports. Truist Financial increased their price target on Broadstone Net Lease from $17.00 to $18.00 and gave the stock a "hold" rating in a report on Monday, May 5th. KeyCorp upgraded Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price objective for the company in a research report on Tuesday. Wall Street Zen upgraded Broadstone Net Lease from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Wolfe Research upgraded 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. Finally, JMP Securities reiterated 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. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $18.71.

Broadstone Net Lease Trading Up 1.2%

Shares of BNL stock traded up $0.2020 during mid-day trading on Wednesday, reaching $17.3120. The stock had a trading volume of 689,547 shares, compared to its average volume of 1,449,575. Broadstone Net Lease, Inc. has a 12-month low of $13.96 and a 12-month high of $19.15. The company has a market cap of $3.27 billion, a P/E ratio of 33.32 and a beta of 1.00. The business has a 50-day simple moving average of $16.25 and a 200 day simple moving average of $16.18.

Broadstone Net Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.16 annualized dividend and a yield of 6.7%. Broadstone Net Lease's payout ratio is presently 223.08%.

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.