HighTower Advisors LLC Sells 20,245 Shares of Broadstone Net Lease, Inc. $BNL

Key Points

• HighTower Advisors LLC reduced its stake in Broadstone Net Lease, Inc. by 10.2%, selling 20,245 shares to hold a total of 178,458 shares worth approximately $3,041,000.
• Broadstone Net Lease is receiving positive attention from analysts, with several upgrades; Goldman Sachs raised its rating from "sell" to "buy" and set a price target of $21.00.
• The company has announced a quarterly dividend of $0.29, representing an annualized yield of 6.5%, with a payout ratio currently at 223.08%.

HighTower Advisors LLC lowered its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 178,458 shares of the company's stock after selling 20,245 shares during the period. HighTower Advisors LLC owned about 0.09% of Broadstone Net Lease worth $3,041,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rockefeller Capital Management L.P. lifted its stake in shares of Broadstone Net Lease by 3.9% in the 4th 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 last quarter. Lazard Asset Management LLC lifted its stake in shares of Broadstone Net Lease by 34.1% in the 4th 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 last quarter. GAMMA Investing LLC lifted its stake in shares of Broadstone Net Lease by 1,466.0% in the 1st quarter. GAMMA Investing LLC now owns 31,711 shares of the company's stock valued at $540,000 after acquiring an additional 29,686 shares during the last quarter. Meritage Portfolio Management lifted its stake in shares of Broadstone Net Lease by 33.9% in the 1st quarter. Meritage Portfolio Management now owns 386,997 shares of the company's stock valued at $6,594,000 after acquiring an additional 97,892 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Broadstone Net Lease by 20.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 543,987 shares of the company's stock valued at $9,270,000 after acquiring an additional 92,909 shares during the last quarter. Institutional investors own 89.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. UBS Group boosted their target price on Broadstone Net Lease from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Friday, August 15th. Wall Street Zen lowered Broadstone Net Lease from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. JMP Securities reissued a "market outperform" rating and issued a $21.00 target price on shares of Broadstone Net Lease in a research note on Monday, June 2nd. Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 target price for the company in a research note on Monday, July 28th. Finally, Truist Financial boosted their target price 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. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.43.

Broadstone Net Lease Price Performance

BNL traded up $0.08 during midday trading on Wednesday, reaching $18.39. 1,155,599 shares of the company's stock traded hands, compared to its average volume of 1,840,598. The firm has a fifty day moving average of $16.47 and a two-hundred day moving average of $16.27. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 35.36 and a beta of 1.00. 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.29 per share. 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 presently 223.08%.

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.