Broadstone Net Lease, Inc. (NYSE:BNL) Shares Acquired by Legato Capital Management LLC

Legato Capital Management LLC increased its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 187.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 105,209 shares of the company's stock after buying an additional 68,624 shares during the quarter. Legato Capital Management LLC owned about 0.06% of Broadstone Net Lease worth $1,793,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new stake in Broadstone Net Lease in the fourth quarter valued at $4,791,000. Commonwealth Equity Services LLC raised its position in Broadstone Net Lease by 1.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 99,275 shares of the company's stock valued at $1,575,000 after purchasing an additional 1,665 shares during the period. Natixis Advisors LLC raised its position in Broadstone Net Lease by 4.3% in the fourth quarter. Natixis Advisors LLC now owns 119,240 shares of the company's stock valued at $1,891,000 after purchasing an additional 4,968 shares during the period. Corient Private Wealth LLC raised its position in Broadstone Net Lease by 2.2% in the fourth quarter. Corient Private Wealth LLC now owns 41,892 shares of the company's stock valued at $664,000 after purchasing an additional 907 shares during the period. Finally, Cibc World Markets Corp purchased a new stake in Broadstone Net Lease in the fourth quarter valued at $280,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on BNL shares. UBS Group reduced their target price on Broadstone Net Lease from $17.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Wall Street Zen downgraded Broadstone Net Lease from a "hold" rating to a "sell" rating in a research report on Saturday. JMP Securities restated a "market outperform" rating and issued a $21.00 target price on shares of Broadstone Net Lease in a research report on Monday, June 2nd. Finally, Truist Financial boosted their price objective on Broadstone Net Lease from $17.00 to $18.00 and gave the company a "hold" rating in a report on Monday, May 5th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Broadstone Net Lease has an average rating of "Hold" and a consensus price target of $18.50.

Broadstone Net Lease Price Performance

Shares of BNL stock traded up $0.02 on Friday, hitting $15.86. The stock had a trading volume of 661,166 shares, compared to its average volume of 1,282,822. The firm has a market capitalization of $3.00 billion, a P/E ratio of 25.99 and a beta of 1.00. Broadstone Net Lease, Inc. has a 1 year low of $13.96 and a 1 year high of $19.15. The company's 50 day moving average price is $16.02 and its 200-day moving average price is $16.08.

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.29 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.16 annualized dividend and a dividend yield of 7.32%. Broadstone Net Lease's dividend payout ratio is presently 190.16%.

Broadstone Net Lease Company 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.