Meritage Portfolio Management Buys 97,892 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Meritage Portfolio Management lifted its stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 33.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 386,997 shares of the company's stock after acquiring an additional 97,892 shares during the quarter. Meritage Portfolio Management owned approximately 0.20% of Broadstone Net Lease worth $6,594,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of BNL. Geode Capital Management LLC grew its holdings in shares of Broadstone Net Lease by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 4,860,444 shares of the company's stock worth $77,103,000 after purchasing an additional 15,501 shares in the last quarter. Centersquare Investment Management LLC lifted its stake in Broadstone Net Lease by 7.1% in the 4th quarter. Centersquare Investment Management LLC now owns 4,011,419 shares of the company's stock valued at $63,621,000 after purchasing an additional 265,428 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Broadstone Net Lease by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,077,513 shares of the company's stock valued at $48,809,000 after buying an additional 71,709 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Broadstone Net Lease by 20.0% during the fourth quarter. Northern Trust Corp now owns 2,464,544 shares of the company's stock worth $39,088,000 after buying an additional 410,767 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Broadstone Net Lease during the 4th quarter valued at $36,170,000. Institutional investors own 89.07% of the company's stock.

Broadstone Net Lease Price Performance

Shares of NYSE BNL traded up $0.14 during mid-day trading on Friday, reaching $16.34. 731,260 shares of the company's stock traded hands, compared to its average volume of 1,287,950. The business has a 50-day simple moving average of $16.07 and a 200 day simple moving average of $16.08. The stock has a market cap of $3.09 billion, a P/E ratio of 26.79 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.

Broadstone Net Lease Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, June 30th. This represents a $1.16 annualized dividend and a dividend yield of 7.10%. Broadstone Net Lease's payout ratio is 190.16%.

Analyst Ratings Changes

BNL has been the subject of a number of recent research reports. BMO Capital Markets set a $20.00 price objective on Broadstone Net Lease and gave the company an "outperform" rating in a report on Monday, March 24th. Truist Financial upped their price objective 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. UBS Group reduced their target price on Broadstone Net Lease from $18.00 to $17.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Finally, JMP Securities reaffirmed 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.67.

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.