Lee Financial Co Has $487,000 Position in Broadstone Net Lease, Inc. $BNL

Key Points

• Lee Financial Co reduced its stake in Broadstone Net Lease, Inc. by 37.5% in Q1, holding 28,397 shares valued at $487,000 after selling 17,064 shares.
• Several hedge funds have increased their positions in Broadstone Net Lease, with Meritage Portfolio Management growing its holdings by 33.9% in Q1 to reach $6.59 million worth of stock.
• Broadstone Net Lease has declared a quarterly dividend of $0.29 per share, representing a yield of 6.9%, with a payout ratio of 223.08% as of the latest announcement.

Lee Financial Co decreased its stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 37.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,397 shares of the company's stock after selling 17,064 shares during the period. Lee Financial Co's holdings in Broadstone Net Lease were worth $487,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. grew its position 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 buying an additional 892 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Broadstone Net Lease by 34.1% during the 4th quarter. Lazard Asset Management LLC now owns 76,592 shares of the company's stock worth $1,214,000 after purchasing an additional 19,467 shares during the last quarter. GAMMA Investing LLC raised its holdings in Broadstone Net Lease by 1,466.0% during the 1st quarter. GAMMA Investing LLC now owns 31,711 shares of the company's stock worth $540,000 after purchasing an additional 29,686 shares during the last quarter. Meritage Portfolio Management lifted its position 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 worth $6,594,000 after purchasing an additional 97,892 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings 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 buying an additional 92,909 shares during the period. Institutional investors and hedge funds own 89.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BNL. Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price objective for the company in a research report on Monday, July 28th. Wall Street Zen raised Broadstone Net Lease from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. 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. UBS Group raised their price objective on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Friday. Finally, JMP Securities restated a "market outperform" rating and issued a $21.00 price target on shares of Broadstone Net Lease in a report on Monday, June 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.71.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL opened at $16.75 on Monday. The company has a market capitalization of $3.17 billion, a P/E ratio of 32.21 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 company's 50-day moving average is $16.23 and its 200 day moving average is $16.16.

Broadstone Net Lease Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.9%. 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.

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