Broadstone Net Lease, Inc. $BNL Shares Sold by Tritonpoint Wealth LLC

Key Points

• Tritonpoint Wealth LLC reduced its holdings in Broadstone Net Lease by 17.3%, now owning approximately 798,164 shares worth $13,042,000.
• Broadstone Net Lease recently declared a quarterly dividend of $0.29 per share, yielding 6.4%, with the dividend to be paid on October 15th.
• The stock has a consensus rating of "Moderate Buy" with a target price of $19.43, reflecting positive sentiment among analysts despite recent mixed ratings.

Tritonpoint Wealth LLC lessened its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 17.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 798,164 shares of the company's stock after selling 166,897 shares during the quarter. Broadstone Net Lease comprises approximately 1.2% of Tritonpoint Wealth LLC's holdings, making the stock its 17th largest position. Tritonpoint Wealth LLC owned approximately 0.42% of Broadstone Net Lease worth $13,042,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Prairiewood Capital LLC boosted its position in Broadstone Net Lease by 4.4% during the 2nd quarter. Prairiewood Capital LLC now owns 341,334 shares of the company's stock worth $5,478,000 after acquiring an additional 14,313 shares during the period. Public Employees Retirement System of Ohio raised its stake 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 worth $4,356,000 after buying an additional 4,466 shares in the last quarter. Arrow Investment Advisors LLC bought a new stake in shares of Broadstone Net Lease in the 2nd quarter worth $172,000. BTC Capital Management Inc. raised its stake in shares of Broadstone Net Lease by 9.9% in the 2nd quarter. BTC Capital Management Inc. now owns 158,289 shares of the company's stock worth $2,505,000 after buying an additional 14,318 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Broadstone Net Lease by 11.7% in the 2nd quarter. Exchange Traded Concepts LLC now owns 101,199 shares of the company's stock worth $1,624,000 after buying an additional 10,575 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BNL. JMP Securities reissued a "market outperform" rating and issued a $21.00 price objective on shares of Broadstone Net Lease in a research note on Monday, June 2nd. The Goldman Sachs Group raised Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price objective on the stock in a research note on Thursday, August 21st. Wall Street Zen downgraded Broadstone Net Lease from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. KeyCorp raised Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price objective on the stock in a research note on Tuesday, August 19th. Finally, Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price objective on the stock in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Broadstone Net Lease has a consensus rating of "Moderate Buy" and a consensus target price of $19.43.

Broadstone Net Lease Stock Up 1.1%

Shares of Broadstone Net Lease stock opened at $18.11 on Friday. The firm has a market capitalization of $3.42 billion, a PE ratio of 34.82 and a beta of 1.01. Broadstone Net Lease, Inc. has a 12-month low of $13.96 and a 12-month high of $19.15. The stock's fifty day moving average is $17.51 and its 200-day moving average is $16.61.

Broadstone Net Lease Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Broadstone Net Lease's payout ratio is presently 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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