Broadstone Net Lease, Inc. $BNL Shares Sold by Diligent Investors LLC

Key Points

• Diligent Investors LLC reduced its stake in Broadstone Net Lease by 26.7%, selling 14,685 shares during the second quarter, leaving it with 40,288 shares valued at $647,000.
• Several other institutional investors have increased or initiated their positions in Broadstone Net Lease, with 89.07% of the stock now owned by institutional investors.
• Broadstone Net Lease's stock received multiple upgrades from analysts, with KeyCorp and Goldman Sachs setting target prices of $20.00 and $21.00 respectively, indicating strong market confidence.

Diligent Investors LLC trimmed its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 26.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,288 shares of the company's stock after selling 14,685 shares during the quarter. Diligent Investors LLC's holdings in Broadstone Net Lease were worth $647,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. QRG Capital Management Inc. grew its stake in Broadstone Net Lease by 10.6% during the 2nd quarter. QRG Capital Management Inc. now owns 15,566 shares of the company's stock worth $250,000 after purchasing an additional 1,488 shares in the last quarter. Wolff Wiese Magana LLC acquired a new position in shares of Broadstone Net Lease during the 2nd quarter worth about $45,000. Prairiewood Capital LLC boosted its position in shares of Broadstone Net Lease by 4.4% in the 2nd quarter. Prairiewood Capital LLC now owns 341,334 shares of the company's stock valued at $5,478,000 after purchasing an additional 14,313 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Broadstone Net Lease by 1.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 271,402 shares of the company's stock valued at $4,356,000 after purchasing an additional 4,466 shares during the period. Finally, Arrow Investment Advisors LLC acquired a new stake in shares of Broadstone Net Lease in the 2nd quarter valued at about $172,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BNL has been the subject of a number of research analyst reports. KeyCorp raised 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 report on Tuesday, August 19th. Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 target price for the company in a research report on Monday, July 28th. The Goldman Sachs Group raised Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 target price for the company in a research report on Thursday, August 21st. Wall Street Zen raised Broadstone Net Lease from a "sell" rating to a "hold" rating in a research note on Friday. Finally, Cantor Fitzgerald initiated coverage on Broadstone Net Lease in a research note on Wednesday. They set an "overweight" rating and a $21.00 price objective for the company. One investment 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 company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.89.

Broadstone Net Lease Trading Up 1.6%

Shares of BNL stock opened at $18.68 on Friday. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 35.92 and a beta of 1.00. The stock has a 50 day simple moving average of $17.74 and a 200-day simple moving average of $16.66. Broadstone Net Lease, Inc. has a 12-month low of $13.96 and a 12-month high of $18.85.

Broadstone Net Lease Announces Dividend

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

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.

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