Canandaigua National Bank & Trust Co. Reduces Holdings in Broadstone Net Lease, Inc. $BNL

Key Points

• Canandaigua National Bank & Trust Co. has reduced its holdings in Broadstone Net Lease, Inc. by 17.9%, owning 63,807 shares after selling 13,950 during the second quarter.
• The firm declared a quarterly dividend of $0.29 per share, resulting in an annualized dividend of $1.16 and a yield of 6.2%.
• Analyst ratings for Broadstone Net Lease have varied, with price targets ranging from $17.00 to $21.00, and an average rating of "Moderate Buy".

Canandaigua National Bank & Trust Co. reduced its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 17.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,807 shares of the company's stock after selling 13,950 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Broadstone Net Lease were worth $1,024,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in BNL. GF Fund Management CO. LTD. purchased a new position in Broadstone Net Lease during the 4th quarter valued at about $54,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Broadstone Net Lease during the 1st quarter valued at about $115,000. KBC Group NV boosted its stake in shares of Broadstone Net Lease by 15.1% during the 1st quarter. KBC Group NV now owns 9,094 shares of the company's stock worth $155,000 after purchasing an additional 1,193 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Broadstone Net Lease during the 4th quarter worth about $183,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Broadstone Net Lease during the 4th quarter worth about $198,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Broadstone Net Lease Stock Down 0.9%

BNL opened at $18.61 on Tuesday. The firm has a market capitalization of $3.52 billion, a P/E ratio of 35.78 and a beta of 1.01. The firm's 50 day moving average is $17.08 and its 200-day moving average is $16.52. Broadstone Net Lease, Inc. has a 52-week low of $13.96 and a 52-week high of $19.15.

Broadstone Net Lease Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Tuesday, September 30th. Broadstone Net Lease's payout ratio is 223.08%.

Analyst Ratings Changes

BNL has been the topic of several analyst reports. KeyCorp raised shares of Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price target on the stock in a research note on Tuesday, August 19th. UBS Group raised their price target on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the stock a "neutral" rating in a research note on Friday, August 15th. The Goldman Sachs Group raised shares of Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price target on the stock in a research note on Thursday, August 21st. JMP Securities reaffirmed a "market outperform" rating and set a $21.00 price target on shares of Broadstone Net Lease in a research note on Monday, June 2nd. Finally, Wall Street Zen cut shares of Broadstone Net Lease from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. One investment 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.