Northern Trust Corp Sells 64,089 Shares of Broadstone Net Lease, Inc. $BNL

Key Points

• Northern Trust Corp reduced its holdings in Broadstone Net Lease, Inc. by 2.6%, now owning 2,400,455 shares valued at approximately $40.90 million.
• Broadstone Net Lease has received mixed ratings from analysts, with one firm upgrading it to a "buy" and another downgrading it to a "sell."
• The company recently declared a quarterly dividend of $0.29 per share, representing an annualized yield of 6.3%, with a dividend payout ratio of 223.08%.

Northern Trust Corp lowered its stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,400,455 shares of the company's stock after selling 64,089 shares during the period. Northern Trust Corp owned approximately 1.27% of Broadstone Net Lease worth $40,904,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC increased its holdings in shares of Broadstone Net Lease by 192.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,914 shares of the company's stock worth $46,000 after buying an additional 1,918 shares during the period. GF Fund Management CO. LTD. purchased a new position in shares of Broadstone Net Lease in the fourth quarter worth about $54,000. Quarry LP purchased a new position in shares of Broadstone Net Lease in the fourth quarter worth about $57,000. KBC Group NV increased its holdings in Broadstone Net Lease by 15.1% during the 1st quarter. KBC Group NV now owns 9,094 shares of the company's stock valued at $155,000 after purchasing an additional 1,193 shares during the period. Finally, D. E. Shaw & Co. Inc. purchased a new position in Broadstone Net Lease during the 4th quarter valued at about $183,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BNL shares. UBS Group boosted their price target on Broadstone Net Lease from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Friday, August 15th. KeyCorp raised Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price objective on the stock in a research report on Tuesday, August 19th. JMP Securities reaffirmed a "market outperform" rating and set a $21.00 price objective on shares of Broadstone Net Lease in a research report on Monday, June 2nd. Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price objective on the stock in a research report on Monday, July 28th. Finally, Wall Street Zen cut Broadstone Net Lease from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. One equities research 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $19.43.

Broadstone Net Lease Stock Performance

Shares of BNL traded up $0.14 during mid-day trading on Wednesday, reaching $18.60. The company had a trading volume of 1,499,951 shares, compared to its average volume of 1,587,044. The firm has a 50-day moving average price of $16.69 and a 200 day moving average price of $16.38. Broadstone Net Lease, Inc. has a 52 week low of $13.96 and a 52 week high of $19.15. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of 35.78 and a beta of 1.01.

Broadstone Net Lease Dividend Announcement

The business 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 $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Broadstone Net Lease's 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.