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

Other large investors have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its stake in shares of Broadstone Net Lease by 3.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company's stock worth $378,000 after acquiring an additional 892 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Broadstone Net Lease by 34.1% in the fourth 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 grew its holdings in shares of Broadstone Net Lease by 1,466.0% in the first 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 grew its holdings in shares of Broadstone Net Lease by 33.9% in the first 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 last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Broadstone Net Lease by 20.6% in the first quarter. Envestnet Asset Management Inc. now owns 543,987 shares of the company's stock worth $9,270,000 after purchasing an additional 92,909 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BNL. Wolfe Research upgraded shares of Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 target price on the stock in a report on Monday, July 28th. UBS Group raised their target price 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. KeyCorp upgraded shares of Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 target price on the stock in a report on Tuesday. Wall Street Zen cut shares of Broadstone Net Lease from a "hold" rating to a "sell" rating in a report on Friday. Finally, Truist Financial lifted their price target on shares of Broadstone Net Lease from $17.00 to $18.00 and gave the company a "hold" rating in a report on Monday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.43.

Broadstone Net Lease Price Performance

NYSE:BNL traded up $0.4280 during trading hours on Friday, hitting $18.2280. The company had a trading volume of 3,932,225 shares, compared to its average volume of 1,624,729. The company has a market capitalization of $3.45 billion, a PE ratio of 35.05 and a beta of 1.00. The stock has a 50-day moving average price of $16.34 and a 200 day moving average price of $16.22. 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 announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued 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 is Tuesday, September 30th. Broadstone Net Lease's payout ratio is 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.