Centersquare Investment Management LLC Lowers Stock Holdings in Broadstone Net Lease, Inc. (NYSE:BNL)

Key Points

• Centersquare Investment Management LLC reduced its stake in Broadstone Net Lease by 1.4%, holding approximately 2.09% of the company worth $67.4 million after selling shares in the first quarter.
• Broadstone Net Lease recently declared a quarterly dividend of $0.29 per share, with a yield of 6.9% and a dividend payout ratio of 223.08%.
• Equities analysts have varying ratings for Broadstone Net Lease, with a consensus rating of "Moderate Buy" and an average price target of $18.57.

Centersquare Investment Management LLC reduced its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,954,526 shares of the company's stock after selling 56,893 shares during the period. Centersquare Investment Management LLC owned about 2.09% of Broadstone Net Lease worth $67,385,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Federated Hermes Inc. lifted its position in shares of Broadstone Net Lease by 73,833.3% during the 4th quarter. Federated Hermes Inc. now owns 2,218 shares of the company's stock worth $35,000 after purchasing an additional 2,215 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Broadstone Net Lease by 192.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,914 shares of the company's stock valued at $46,000 after buying an additional 1,918 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in Broadstone Net Lease during the 4th quarter worth about $54,000. Quarry LP acquired a new position in shares of Broadstone Net Lease during the 4th quarter worth about $57,000. Finally, Sterling Capital Management LLC boosted its position in shares of Broadstone Net Lease by 807.5% during the 4th quarter. Sterling Capital Management LLC now owns 5,944 shares of the company's stock worth $94,000 after acquiring an additional 5,289 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Broadstone Net Lease Stock Up 0.6%

NYSE:BNL traded up $0.10 during trading hours on Thursday, reaching $16.85. 1,331,587 shares of the company's stock were exchanged, compared to its average volume of 1,492,265. Broadstone Net Lease, Inc. has a 1-year low of $13.96 and a 1-year high of $19.15. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 32.41 and a beta of 1.00. The company has a 50-day moving average of $16.14 and a 200 day moving average of $16.13.

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. The ex-dividend date is Tuesday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 6.9%. Broadstone Net Lease's dividend payout ratio is 223.08%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BNL shares. Wall Street Zen upgraded shares of Broadstone Net Lease from a "sell" rating to a "hold" rating in a research note on Sunday. UBS Group lowered their target price on shares of Broadstone Net Lease from $17.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Wolfe Research upgraded shares of Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price target on the stock in a research note on Monday, July 28th. JMP Securities restated 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. Finally, Truist Financial raised their price objective 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 research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.57.

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.