Broadstone Net Lease, Inc. $BNL Shares Bought by Cascade Financial Partners LLC

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 boosted its position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 4.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 375,375 shares of the company's stock after purchasing an additional 15,507 shares during the period. Broadstone Net Lease makes up approximately 0.8% of Cascade Financial Partners LLC's investment portfolio, making the stock its 23rd biggest holding. Cascade Financial Partners LLC owned approximately 0.20% of Broadstone Net Lease worth $6,396,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BNL. Wells Fargo & Company MN increased its position in shares of Broadstone Net Lease by 10.4% during the fourth quarter. Wells Fargo & Company MN now owns 220,889 shares of the company's stock worth $3,503,000 after acquiring an additional 20,814 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Broadstone Net Lease by 654.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 451,078 shares of the company's stock worth $7,154,000 after acquiring an additional 391,320 shares during the period. Federated Hermes Inc. increased its position in shares of Broadstone Net Lease by 73,833.3% during the fourth quarter. Federated Hermes Inc. now owns 2,218 shares of the company's stock worth $35,000 after acquiring an additional 2,215 shares during the period. Invesco Ltd. increased its position in shares of Broadstone Net Lease by 7.1% during the fourth quarter. Invesco Ltd. now owns 1,035,938 shares of the company's stock worth $16,430,000 after acquiring an additional 69,041 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Broadstone Net Lease by 404.8% during the fourth quarter. Renaissance Technologies LLC now owns 244,300 shares of the company's stock worth $3,875,000 after acquiring an additional 195,900 shares during the period. Institutional investors own 89.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BNL. Truist Financial raised their target price on shares of Broadstone Net Lease from $17.00 to $18.00 and gave the stock a "hold" rating in a research report 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 report on Monday, June 2nd. Wall Street Zen raised shares of Broadstone Net Lease from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. 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 report on Tuesday. Finally, UBS Group lifted their price objective on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $18.71.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL traded up $0.2750 during midday trading on Wednesday, hitting $17.3850. The company's stock had a trading volume of 2,009,765 shares, compared to its average volume of 1,458,151. Broadstone Net Lease, Inc. has a 12-month low of $13.96 and a 12-month high of $19.15. The company has a market cap of $3.29 billion, a P/E ratio of 33.43 and a beta of 1.00. The business's 50 day simple moving average is $16.25 and its 200 day simple moving average is $16.18.

Broadstone Net Lease Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 6.7%. The ex-dividend date of this dividend is Tuesday, September 30th. Broadstone Net Lease's dividend payout ratio is currently 223.08%.

Broadstone Net Lease 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.