Broadstone Net Lease, Inc. $BNL Shares Sold by Zimmer Partners LP

Key Points

• Zimmer Partners LP significantly reduced its stake in Broadstone Net Lease, Inc. by 80.8%, now holding 62,500 shares valued at approximately $1.07 million after selling 262,500 shares this quarter.
• Institutional investors collectively own 89.07% of Broadstone Net Lease shares, with several hedge funds such as Vanguard Group and Allianz Asset Management increasing their stakes during the same period.
• Analysts have issued varying ratings on Broadstone Net Lease, with recent upgrades raising the price targets, reflecting a consensus rating of "Moderate Buy" and an average target price of $19.43.

Zimmer Partners LP cut its holdings in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 80.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,500 shares of the company's stock after selling 262,500 shares during the quarter. Zimmer Partners LP's holdings in Broadstone Net Lease were worth $1,065,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Broadstone Net Lease by 1.0% in the first quarter. Vanguard Group Inc. now owns 27,711,994 shares of the company's stock valued at $472,212,000 after purchasing an additional 266,900 shares during the last quarter. Alliancebernstein L.P. boosted its position in Broadstone Net Lease by 1.1% during the first quarter. Alliancebernstein L.P. now owns 4,666,417 shares of the company's stock worth $79,516,000 after acquiring an additional 51,754 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Broadstone Net Lease by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,145,709 shares of the company's stock worth $53,603,000 after acquiring an additional 68,196 shares during the last quarter. Nuveen LLC acquired a new stake in Broadstone Net Lease during the first quarter worth approximately $28,127,000. Finally, Allianz Asset Management GmbH boosted its position in Broadstone Net Lease by 87.3% during the first quarter. Allianz Asset Management GmbH now owns 1,288,892 shares of the company's stock worth $21,963,000 after acquiring an additional 600,633 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. 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. KeyCorp upgraded shares of 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. UBS Group raised their target price on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Friday, August 15th. Wall Street Zen downgraded shares of Broadstone Net Lease from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Finally, The Goldman Sachs Group raised shares of 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. 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.43.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL traded up $0.03 during midday trading on Friday, hitting $18.79. 759,751 shares of the company's stock traded hands, compared to its average volume of 1,556,566. The company has a market cap of $3.55 billion, a PE ratio of 36.13 and a beta of 1.01. The firm's fifty day moving average price is $17.03 and its two-hundred day moving average price is $16.51. Broadstone Net Lease, Inc. has a twelve month low of $13.96 and a twelve month high of $19.15.

Broadstone Net Lease Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.16 annualized dividend and a yield of 6.2%. Broadstone Net Lease's 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.