Russell Investments Group Ltd. Buys 117,034 Shares of Broadstone Net Lease, Inc. $BNL

Russell Investments Group Ltd. raised its stake in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 14.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 902,686 shares of the company's stock after acquiring an additional 117,034 shares during the period. Russell Investments Group Ltd. owned approximately 0.48% of Broadstone Net Lease worth $15,382,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BNL. Rockefeller Capital Management L.P. grew its position in Broadstone Net Lease by 3.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 23,826 shares of the company's stock worth $378,000 after acquiring an additional 892 shares during the last quarter. Lazard Asset Management LLC grew its position in Broadstone Net Lease by 34.1% during the 4th quarter. Lazard Asset Management LLC now owns 76,592 shares of the company's stock worth $1,214,000 after acquiring an additional 19,467 shares during the last quarter. GAMMA Investing LLC grew its position in Broadstone Net Lease by 1,466.0% during the 1st quarter. GAMMA Investing LLC now owns 31,711 shares of the company's stock worth $540,000 after acquiring an additional 29,686 shares during the last quarter. Meritage Portfolio Management grew its position in Broadstone Net Lease by 33.9% during the 1st quarter. Meritage Portfolio Management now owns 386,997 shares of the company's stock worth $6,594,000 after acquiring an additional 97,892 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Broadstone Net Lease by 20.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 543,987 shares of the company's stock worth $9,270,000 after acquiring an additional 92,909 shares during the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BNL shares. Wall Street Zen upgraded Broadstone Net Lease from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Truist Financial upped their target price on Broadstone Net Lease from $17.00 to $18.00 and gave the company a "hold" rating in a research report on Monday, May 5th. JMP Securities restated a "market outperform" rating and set a $21.00 target price on shares of Broadstone Net Lease in a research report on Monday, June 2nd. The Goldman Sachs Group upgraded Broadstone Net Lease from a "sell" rating to a "buy" rating and set a $21.00 target price on the stock in a research report on Thursday. Finally, UBS Group upped 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. One 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 company. Based on data from MarketBeat.com, Broadstone Net Lease currently has a consensus rating of "Moderate Buy" and an average price target of $19.43.

Broadstone Net Lease Stock Up 3.1%

Shares of BNL traded up $0.5550 during trading hours on Friday, hitting $18.3550. The company had a trading volume of 729,115 shares, compared to its average volume of 1,469,126. The firm has a market cap of $3.47 billion, a P/E ratio of 35.32 and a beta of 1.00. The stock's 50 day moving average price is $16.30 and its 200 day moving average price is $16.20. Broadstone Net Lease, Inc. has a 52-week low of $13.96 and a 52-week high of $19.15.

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 6.3%. 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.