Promethium Advisors LLC Buys 22,226 Shares of Broadstone Net Lease, Inc. $BNL

Key Points

• Promethium Advisors LLC has increased its stake in Broadstone Net Lease, Inc. by 12.1%, owning 206,513 shares worth approximately $3.58 million after acquiring an additional 22,226 shares.
• The quarterly dividend of $0.29 will be paid on October 15th, providing an annualized yield of 6.2%, despite a high dividend payout ratio of 223.08%.
• Broadstone Net Lease's stock has recently seen varied analyst ratings, with price targets ranging up to $21.00, reflecting a consensus of a "Moderate Buy" with an average target of $19.43.

Promethium Advisors LLC increased its holdings in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 12.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 206,513 shares of the company's stock after acquiring an additional 22,226 shares during the period. Broadstone Net Lease comprises approximately 2.3% of Promethium Advisors LLC's holdings, making the stock its 11th largest holding. Promethium Advisors LLC owned approximately 0.11% of Broadstone Net Lease worth $3,579,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Marshall Wace LLP acquired a new position in Broadstone Net Lease during the 4th quarter worth $329,000. Tower Research Capital LLC TRC lifted its holdings in Broadstone Net Lease by 192.6% during the 4th 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 in the last quarter. Stifel Financial Corp lifted its holdings in Broadstone Net Lease by 12.6% during the 4th quarter. Stifel Financial Corp now owns 17,415 shares of the company's stock worth $276,000 after buying an additional 1,945 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Broadstone Net Lease during the 4th quarter worth $246,000. Finally, Northern Trust Corp lifted its holdings in Broadstone Net Lease by 20.0% during the 4th 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. 89.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BNL. The Goldman Sachs Group raised Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 price target on the stock in a research note on Thursday, August 21st. Wall Street Zen downgraded Broadstone Net Lease from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 price target on the stock in a research note on Monday, July 28th. KeyCorp raised Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price target on the stock in a research note on Tuesday, August 19th. Finally, JMP Securities reissued a "market outperform" rating and issued a $21.00 price target on shares of Broadstone Net Lease in a research note on Monday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.43.

Broadstone Net Lease Stock Up 0.9%

Broadstone Net Lease stock traded up $0.17 during mid-day trading on Friday, hitting $18.65. 995,843 shares of the company's stock were exchanged, compared to its average volume of 1,600,398. The firm has a market capitalization of $3.53 billion, a P/E ratio of 35.86 and a beta of 1.01. Broadstone Net Lease, Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $19.15. The company's 50 day simple moving average is $16.79 and its 200-day simple moving average is $16.42.

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