Caisse DE Depot ET Placement DU Quebec Buys Shares of 285,800 Broadstone Net Lease, Inc. $BNL

Key Points

• Caisse DE Depot ET Placement DU Quebec acquired a new stake in Broadstone Net Lease, Inc. for approximately $4.87 million, purchasing 285,800 shares during the first quarter.
• Several institutional investors, including Vanguard Group and Allianz Asset Management, also increased their stakes in the company, with institutional ownership now at 89.07%.
• Broadstone Net Lease announced a quarterly dividend of $0.29 per share, representing a dividend yield of 6.3%, with a payout ratio of 223.08%.

Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 285,800 shares of the company's stock, valued at approximately $4,870,000. Caisse DE Depot ET Placement DU Quebec owned approximately 0.15% of Broadstone Net Lease as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in BNL. Nuveen LLC bought a new stake in shares of Broadstone Net Lease during the first quarter valued at approximately $28,127,000. Van Lanschot Kempen Investment Management N.V. bought a new stake in Broadstone Net Lease in the first quarter worth $11,646,000. Allianz Asset Management GmbH boosted its holdings in Broadstone Net Lease by 87.3% in the first quarter. Allianz Asset Management GmbH now owns 1,288,892 shares of the company's stock worth $21,963,000 after acquiring an additional 600,633 shares in the last quarter. Lighthouse Investment Partners LLC bought a new stake in Broadstone Net Lease in the fourth quarter worth $7,771,000. Finally, Boston Partners bought a new stake in Broadstone Net Lease in the first quarter worth $8,071,000. 89.07% of the stock is currently owned by institutional investors.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL traded down $0.26 during midday trading on Tuesday, reaching $18.34. 1,015,358 shares of the company's stock traded hands, compared to its average volume of 1,483,751. The company has a market cap of $3.47 billion, a price-to-earnings ratio of 35.28 and a beta of 1.01. Broadstone Net Lease, Inc. has a one year low of $13.96 and a one year high of $19.15. The stock has a 50 day moving average of $16.60 and a 200 day moving average of $16.35.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued 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 yield of 6.3%. Broadstone Net Lease's dividend payout ratio is currently 223.08%.

Analyst Ratings Changes

Several equities research analysts have commented on BNL shares. UBS Group boosted their target price on Broadstone Net Lease from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, August 15th. Truist Financial boosted their target price on Broadstone Net Lease from $17.00 to $18.00 and gave the stock a "hold" rating in a report on Monday, May 5th. JMP Securities reissued a "market outperform" rating and issued a $21.00 target price on shares of Broadstone Net Lease in a report 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 target price on the stock in a report on Thursday, August 21st. Finally, KeyCorp raised Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 target price on the stock in a report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Broadstone Net Lease currently has an average rating of "Moderate Buy" and a consensus price target of $19.43.

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.