BTC Capital Management Inc. Purchases 14,318 Shares of Broadstone Net Lease, Inc. $BNL

Key Points

• BTC Capital Management Inc. increased its holdings in Broadstone Net Lease by 9.9%, acquiring an additional 14,318 shares to bring its total ownership to approximately 158,289 shares worth $2.5 million.
• Broadstone Net Lease announced a quarterly dividend of $0.29, with a dividend yield of 6.3%, scheduled to be paid on October 15th.
• Recent analyst ratings for Broadstone Net Lease include upgrades from KeyCorp and UBS, with an average target price of $19.43, indicating a Moderate Buy consensus.

BTC Capital Management Inc. raised its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 9.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,289 shares of the company's stock after acquiring an additional 14,318 shares during the quarter. BTC Capital Management Inc. owned approximately 0.08% of Broadstone Net Lease worth $2,505,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BNL. GF Fund Management CO. LTD. acquired a new position in shares of Broadstone Net Lease during the fourth quarter valued at $54,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Broadstone Net Lease in the first quarter valued at approximately $115,000. KBC Group NV grew its position in Broadstone Net Lease by 15.1% during the first quarter. KBC Group NV now owns 9,094 shares of the company's stock worth $155,000 after buying an additional 1,193 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of Broadstone Net Lease during the 4th quarter worth approximately $183,000. Finally, Squarepoint Ops LLC bought a new position in Broadstone Net Lease in the 4th quarter worth $198,000. 89.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wolfe Research upgraded shares of Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price objective for the company in a report on Monday, July 28th. Wall Street Zen lowered shares of Broadstone Net Lease from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. UBS Group increased their price target on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Friday, August 15th. The Goldman Sachs Group raised Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price target for the company in a report on Thursday, August 21st. Finally, JMP Securities reiterated a "market outperform" rating and issued a $21.00 price target on shares of Broadstone Net Lease in a research report on Monday, June 2nd. One equities research 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. Based on data from MarketBeat.com, Broadstone Net Lease currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.43.

Broadstone Net Lease Price Performance

Shares of NYSE:BNL traded down $0.22 during trading on Friday, reaching $18.33. 2,736,612 shares of the company were exchanged, compared to its average volume of 1,304,994. Broadstone Net Lease, Inc. has a 12-month low of $13.96 and a 12-month high of $19.15. The business's fifty day simple moving average is $17.28 and its 200-day simple moving average is $16.57. The firm has a market capitalization of $3.47 billion, a PE ratio of 35.25 and a beta of 1.01.

Broadstone Net Lease Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.3%. Broadstone Net Lease's dividend payout ratio (DPR) is currently 223.08%.

Broadstone Net Lease Company 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.