Modern Wealth Management LLC Raises Stake in Broadstone Net Lease, Inc. $BNL

Key Points

• Modern Wealth Management LLC has increased its position in Broadstone Net Lease, Inc. by 19.5%, raising its shares to 113,416 worth approximately $1.93 million.
• Broadstone Net Lease recently announced a quarterly $0.29 dividend to be paid out on October 15th, which results in a 6.2% yield.
• Wall Street analysts have varying ratings for Broadstone Net Lease, with several targeting prices up to $21.00, indicating a general optimism regarding the company's performance.

Modern Wealth Management LLC lifted its holdings in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 19.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 113,416 shares of the company's stock after purchasing an additional 18,522 shares during the quarter. Modern Wealth Management LLC owned 0.06% of Broadstone Net Lease worth $1,933,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BNL. BNP Paribas Financial Markets purchased a new position in shares of Broadstone Net Lease in the fourth quarter valued at $355,000. Bank of America Corp DE boosted its stake in Broadstone Net Lease by 161.0% during the fourth quarter. Bank of America Corp DE now owns 761,471 shares of the company's stock worth $12,077,000 after buying an additional 469,733 shares during the period. Deutsche Bank AG boosted its stake in Broadstone Net Lease by 27.4% during the fourth quarter. Deutsche Bank AG now owns 245,444 shares of the company's stock worth $3,893,000 after buying an additional 52,718 shares during the period. D. E. Shaw & Co. Inc. purchased a new position in Broadstone Net Lease during the fourth quarter worth $183,000. Finally, Lazard Asset Management LLC boosted its stake in Broadstone Net Lease by 34.1% during the fourth quarter. Lazard Asset Management LLC now owns 76,592 shares of the company's stock worth $1,214,000 after buying an additional 19,467 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on BNL. Wall Street Zen lowered shares of Broadstone Net Lease from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. UBS Group lifted 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 note on Friday, August 15th. The Goldman Sachs Group raised shares of Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price objective for the company in a research note on Thursday, August 21st. KeyCorp raised shares of Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price objective for the company in a research note on Tuesday, August 19th. Finally, Wolfe Research raised shares of 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 note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.43.

Broadstone Net Lease Trading Down 0.9%

Shares of BNL traded down $0.17 during trading hours on Monday, reaching $18.61. 1,446,821 shares of the company traded hands, compared to its average volume of 1,535,483. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 35.78 and a beta of 1.01. Broadstone Net Lease, Inc. has a 12-month low of $13.96 and a 12-month high of $19.15. The stock's fifty day moving average price is $17.08 and its 200 day moving average price is $16.52.

Broadstone Net Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.29 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 6.2%. Broadstone Net Lease's payout ratio is currently 223.08%.

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.