Invesco Ltd. Has $17.24 Million Stake in Broadstone Net Lease, Inc. $BNL

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. lessened its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,011,829 shares of the company's stock after selling 24,109 shares during the period. Invesco Ltd. owned 0.54% of Broadstone Net Lease worth $17,242,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its holdings in shares of Broadstone Net Lease by 192.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,914 shares of the company's stock valued at $46,000 after buying an additional 1,918 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Broadstone Net Lease in the fourth quarter valued at about $54,000. Quarry LP bought a new position in Broadstone Net Lease during the fourth quarter valued at approximately $57,000. KBC Group NV raised its holdings 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 valued at $155,000 after purchasing an additional 1,193 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new stake in shares of Broadstone Net Lease in the fourth quarter worth about $183,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Broadstone Net Lease Price Performance

Shares of BNL stock traded up $0.4280 on Friday, hitting $18.2280. 3,932,225 shares of the company's stock were exchanged, compared to its average volume of 1,624,729. The stock has a market cap of $3.45 billion, a P/E ratio of 35.05 and a beta of 1.00. The company has a 50 day moving average of $16.34 and a 200 day moving average of $16.22. Broadstone Net Lease, Inc. has a 12 month low of $13.96 and a 12 month high of $19.15.

Broadstone Net Lease Dividend Announcement

The business also recently announced 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. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Broadstone Net Lease's payout ratio is presently 223.08%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. UBS Group upped their price objective on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, August 15th. The Goldman Sachs Group raised Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 target price for the company in a research report on Thursday. Truist Financial boosted their price objective 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 target price on shares of Broadstone Net Lease in a research note on Monday, June 2nd. Finally, Wall Street Zen cut Broadstone Net Lease from a "hold" rating to a "sell" rating in a report on Friday. 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. Based on data from MarketBeat.com, Broadstone Net Lease has a consensus rating of "Moderate Buy" and an average 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.