Cascade Financial Partners LLC Has $6.40 Million Position in Broadstone Net Lease, Inc. $BNL

Key Points

• Cascade Financial Partners LLC increased its holdings in Broadstone Net Lease by 4.3%, acquiring an additional 15,507 shares, bringing their total to 375,375 shares, valued at approximately $6,396,000.
• UBS Group and other analysts have adjusted their price targets for Broadstone Net Lease, with UBS increasing its target from $16.00 to $17.00 and JMP Securities setting a target of $21.00.
• Broadstone Net Lease announced a quarterly dividend of $0.29 per share, reflecting a 6.9% dividend yield, with a high payout ratio of 223.08%.

Cascade Financial Partners LLC grew its holdings in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 375,375 shares of the company's stock after acquiring an additional 15,507 shares during the quarter. Broadstone Net Lease accounts for approximately 0.8% of Cascade Financial Partners LLC's investment portfolio, making the stock its 23rd biggest position. Cascade Financial Partners LLC owned about 0.20% of Broadstone Net Lease worth $6,396,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Rockefeller Capital Management L.P. boosted its position 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 valued at $378,000 after acquiring an additional 892 shares during the period. Lazard Asset Management LLC boosted its position in shares of Broadstone Net Lease by 34.1% in the fourth quarter. Lazard Asset Management LLC now owns 76,592 shares of the company's stock valued at $1,214,000 after acquiring an additional 19,467 shares during the period. GAMMA Investing LLC raised its stake in Broadstone Net Lease by 1,466.0% in the first quarter. GAMMA Investing LLC now owns 31,711 shares of the company's stock valued at $540,000 after purchasing an additional 29,686 shares in the last quarter. Meritage Portfolio Management raised its stake in Broadstone Net Lease by 33.9% in the first quarter. Meritage Portfolio Management now owns 386,997 shares of the company's stock valued at $6,594,000 after purchasing an additional 97,892 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Broadstone Net Lease by 20.6% in the first quarter. Envestnet Asset Management Inc. now owns 543,987 shares of the company's stock valued at $9,270,000 after purchasing an additional 92,909 shares in the last quarter. Institutional investors own 89.07% of the company's stock.

Broadstone Net Lease Trading Up 2.4%

NYSE BNL traded up $0.4250 during trading on Friday, hitting $18.2250. 1,569,607 shares of the company's stock were exchanged, compared to its average volume of 1,474,505. The company has a market cap of $3.45 billion, a PE ratio of 35.05 and a beta of 1.00. Broadstone Net Lease, Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $19.15. The stock's 50 day moving average price is $16.30 and its two-hundred day moving average price is $16.20.

Broadstone Net Lease Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 6.4%. Broadstone Net Lease's dividend payout ratio is currently 223.08%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BNL shares. Truist Financial boosted their price target on Broadstone Net Lease from $17.00 to $18.00 and gave the company a "hold" rating in a research note on Monday, May 5th. JMP Securities reaffirmed a "market outperform" rating and issued a $21.00 price target on shares of Broadstone Net Lease in a research note 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 price target for the company in a research note on Thursday. Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price target for the company in a research note on Monday, July 28th. Finally, KeyCorp raised Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price target for the company in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.43.

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.