Promethium Advisors LLC Purchases 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 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 206,513 shares of the company's stock after buying an additional 22,226 shares during the quarter. Broadstone Net Lease accounts for approximately 2.3% of Promethium Advisors LLC's holdings, making the stock its 11th largest holding. Promethium Advisors LLC owned 0.11% of Broadstone Net Lease worth $3,579,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BNL. Nuveen LLC acquired a new stake in shares of Broadstone Net Lease in the 1st quarter valued at about $28,127,000. Van Lanschot Kempen Investment Management N.V. acquired a new stake in shares of Broadstone Net Lease in the 1st quarter valued at about $11,646,000. Allianz Asset Management GmbH raised its stake in shares of Broadstone Net Lease by 87.3% in the 1st quarter. Allianz Asset Management GmbH now owns 1,288,892 shares of the company's stock valued at $21,963,000 after purchasing an additional 600,633 shares during the period. Lighthouse Investment Partners LLC acquired a new stake in shares of Broadstone Net Lease in the 4th quarter valued at about $7,771,000. Finally, Boston Partners acquired a new stake in shares of Broadstone Net Lease in the 1st quarter valued at about $8,071,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Broadstone Net Lease Stock Performance

Broadstone Net Lease stock traded up $0.17 during midday trading on Friday, reaching $18.65. 995,843 shares of the company's stock were exchanged, compared to its average volume of 1,608,246. Broadstone Net Lease, Inc. has a 52 week low of $13.96 and a 52 week high of $19.15. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 35.86 and a beta of 1.01. The stock's 50-day simple moving average is $16.79 and its 200 day simple moving average is $16.43.

Broadstone Net Lease Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.29 per share. 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 dividend payout ratio (DPR) is presently 223.08%.

Analyst Upgrades and Downgrades

BNL has been the topic of several recent research reports. 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. UBS Group lifted their target price on Broadstone Net Lease from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Friday, August 15th. Wall Street Zen downgraded Broadstone Net Lease from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. KeyCorp raised Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 target price on the stock in a research report on Tuesday, August 19th. Finally, Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 target price on the stock in a research report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Broadstone Net Lease presently has an average rating of "Moderate Buy" and a consensus price target of $19.43.

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.