Principal Financial Group Inc. cut its stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 15.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its holdings in shares of Broadstone Net Lease by 3.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company's stock worth $378,000 after buying an additional 892 shares during the last quarter. Lazard Asset Management LLC raised its stake in Broadstone Net Lease by 34.1% in the 4th quarter. Lazard Asset Management LLC now owns 76,592 shares of the company's stock worth $1,214,000 after acquiring an additional 19,467 shares during the last quarter. GAMMA Investing LLC lifted its position in Broadstone Net Lease by 1,466.0% during the 1st quarter. GAMMA Investing LLC now owns 31,711 shares of the company's stock worth $540,000 after acquiring an additional 29,686 shares during the period. Bank of America Corp DE grew its stake in Broadstone Net Lease by 161.0% during the 4th quarter. Bank of America Corp DE now owns 761,471 shares of the company's stock valued at $12,077,000 after purchasing an additional 469,733 shares during the last quarter. Finally, Sterling Capital Management LLC grew its stake in Broadstone Net Lease by 807.5% during the 4th quarter. Sterling Capital Management LLC now owns 5,944 shares of the company's stock valued at $94,000 after purchasing an additional 5,289 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on BNL. 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 research note on Monday, May 5th. JMP Securities reissued 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 price objective on shares of Broadstone Net Lease and gave the company an "outperform" rating in a report on Monday, March 24th. Finally, UBS Group cut their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Broadstone Net Lease has an average rating of "Moderate Buy" and a consensus target price of $18.67.
Check Out Our Latest Stock Report on BNL
Broadstone Net Lease Price Performance
NYSE:BNL opened at $16.34 on Friday. The company has a 50 day moving average price of $16.07 and a 200-day moving average price of $16.08. 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 cap of $3.09 billion, a price-to-earnings ratio of 26.79 and a beta of 1.00.
Broadstone Net Lease Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.16 annualized dividend and a yield of 7.10%. Broadstone Net Lease's dividend payout ratio is presently 190.16%.
Broadstone Net Lease Company Profile
(
Free Report)
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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