Broadstone Net Lease, Inc. (NYSE:BNL) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 15.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,053,620 shares of the company's stock after selling 2,222,630 shares during the period. Principal Financial Group Inc. owned 6.38% of Broadstone Net Lease worth $205,394,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of Broadstone Net Lease by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 4,860,444 shares of the company's stock worth $77,103,000 after acquiring an additional 15,501 shares in the last quarter. Centersquare Investment Management LLC increased its position in Broadstone Net Lease by 7.1% during the fourth quarter. Centersquare Investment Management LLC now owns 4,011,419 shares of the company's stock worth $63,621,000 after buying an additional 265,428 shares during the period. Charles Schwab Investment Management Inc. increased its position in Broadstone Net Lease by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,077,513 shares of the company's stock worth $48,809,000 after buying an additional 71,709 shares during the period. Northern Trust Corp increased its position in Broadstone Net Lease by 20.0% during the fourth quarter. Northern Trust Corp now owns 2,464,544 shares of the company's stock worth $39,088,000 after buying an additional 410,767 shares during the period. Finally, Norges Bank acquired a new position in Broadstone Net Lease during the fourth quarter worth approximately $36,170,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Wall Street Analysts Forecast Growth

BNL has been the topic of several research analyst reports. JMP Securities reaffirmed a "market outperform" rating and set a $21.00 price target on shares of Broadstone Net Lease in a research report on Monday, June 2nd. BMO Capital Markets set a $20.00 target price on shares of Broadstone Net Lease and gave the stock an "outperform" rating in a research note on Monday, March 24th. UBS Group lowered their target price on Broadstone Net Lease from $18.00 to $17.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, Truist Financial boosted their price objective on shares of Broadstone Net Lease from $17.00 to $18.00 and gave the company a "hold" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.67.

Broadstone Net Lease Price Performance

BNL traded down $0.31 during trading on Monday, reaching $16.03. 1,172,391 shares of the stock were exchanged, compared to its average volume of 1,290,132. The business's 50 day moving average price is $16.08 and its two-hundred day moving average price is $16.08. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 26.28 and a beta of 1.00. Broadstone Net Lease, Inc. has a 1 year low of $13.96 and a 1 year high of $19.15.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, June 30th. This represents a $1.16 dividend on an annualized basis and a yield of 7.24%. Broadstone Net Lease's payout ratio is 190.16%.

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.