Broadstone Net Lease, Inc. $BNL Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has decreased its stake in Broadstone Net Lease, Inc. by 2.3% during the first quarter, now owning approximately 1,011,829 shares valued at $17,242,000.
• Broadstone Net Lease declared a quarterly dividend of $0.29 per share, which equates to a yield of 6.5%.
• Multiple analysts have upgraded their ratings on Broadstone Net Lease, with target prices ranging from $20.00 to $21.00, indicating a generally positive outlook for the stock.

Invesco Ltd. trimmed its stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 2.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,011,829 shares of the company's stock after selling 24,109 shares during the quarter. Invesco Ltd. owned approximately 0.54% of Broadstone Net Lease worth $17,242,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Broadstone Net Lease by 1.0% in the first quarter. Vanguard Group Inc. now owns 27,711,994 shares of the company's stock worth $472,212,000 after acquiring an additional 266,900 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Broadstone Net Lease by 2.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,145,709 shares of the company's stock worth $53,603,000 after acquiring an additional 68,196 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Broadstone Net Lease by 20.0% in the fourth quarter. Northern Trust Corp now owns 2,464,544 shares of the company's stock worth $39,088,000 after acquiring an additional 410,767 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of 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 during the last quarter. Finally, Systematic Financial Management LP raised its holdings in shares of Broadstone Net Lease by 43.1% in the fourth quarter. Systematic Financial Management LP now owns 1,069,837 shares of the company's stock worth $16,968,000 after acquiring an additional 322,131 shares during the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. 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 report on Monday, July 28th. KeyCorp upgraded Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 target price for the company in a research note on Tuesday, August 19th. The Goldman Sachs Group upgraded Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 target price for the company in a research note on Thursday, August 21st. UBS Group upped 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. Finally, JMP Securities reiterated 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. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Broadstone Net Lease currently has a consensus rating of "Moderate Buy" and an average target price of $19.43.

Broadstone Net Lease Trading Up 0.4%

NYSE:BNL traded up $0.08 on Wednesday, hitting $18.39. 1,155,599 shares of the stock were exchanged, compared to its average volume of 1,840,598. The stock has a market cap of $3.48 billion, a PE ratio of 35.36 and a beta of 1.00. The stock has a fifty day moving average of $16.47 and a 200-day moving average of $16.27. Broadstone Net Lease, Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $19.15.

Broadstone Net Lease Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.29 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.16 annualized dividend and a yield of 6.3%. 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.