Vanguard Group Inc. Buys 266,900 Shares of Broadstone Net Lease, Inc. $BNL

Key Points

• Vanguard Group Inc. increased its investment in Broadstone Net Lease, Inc. by 1.0%, now owning approximately 14.68% of the company, equivalent to about $472.2 million.
• The firm announced a quarterly dividend of $0.29 per share, yielding 6.9%, with the next payment scheduled for October 15th.
• Analyst ratings for Broadstone Net Lease include a mix of holds and buys, with a consensus target price of $18.71.

Vanguard Group Inc. grew its holdings in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 1.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,711,994 shares of the company's stock after purchasing an additional 266,900 shares during the period. Vanguard Group Inc. owned about 14.68% of Broadstone Net Lease worth $472,212,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Bank of Nova Scotia purchased a new position in Broadstone Net Lease in the first quarter valued at about $4,910,000. MGO One Seven LLC lifted its holdings in shares of Broadstone Net Lease by 3.7% during the 1st quarter. MGO One Seven LLC now owns 118,124 shares of the company's stock valued at $2,013,000 after buying an additional 4,168 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of Broadstone Net Lease by 6.0% in the 1st quarter. Natixis Advisors LLC now owns 126,446 shares of the company's stock valued at $2,155,000 after buying an additional 7,206 shares in the last quarter. LPL Financial LLC increased its holdings in Broadstone Net Lease by 17.1% in the first quarter. LPL Financial LLC now owns 131,654 shares of the company's stock worth $2,243,000 after buying an additional 19,190 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Broadstone Net Lease by 10.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 108,124 shares of the company's stock valued at $1,842,000 after acquiring an additional 10,164 shares in the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BNL has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Broadstone Net Lease from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. KeyCorp upgraded shares of Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 target price for the company in a research note on Tuesday. 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 research note on Friday. Wolfe Research upgraded Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 target price on the stock in a report on Monday, July 28th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $21.00 price objective on shares of Broadstone Net Lease in a research report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Broadstone Net Lease currently has an average rating of "Moderate Buy" and an average target price of $18.88.

Broadstone Net Lease Trading Up 1.8%

Shares of NYSE:BNL traded up $0.30 during trading on Tuesday, hitting $16.90. 215,893 shares of the company were exchanged, compared to its average volume of 1,446,905. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 32.49 and a beta of 1.00. Broadstone Net Lease, Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $19.15. The firm has a fifty day moving average price of $16.23 and a two-hundred day moving average price of $16.17.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.9%. The ex-dividend date is Tuesday, September 30th. Broadstone Net Lease's dividend payout ratio (DPR) is 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.