Zimmer Partners LP Decreases Position in Broadstone Net Lease, Inc. $BNL

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 reduced its position in Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 80.8% in the 1st quarter, according to the company in its most recent 13F filing with the 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 reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BNL. Tower Research Capital LLC TRC raised its stake in Broadstone Net Lease by 192.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,914 shares of the company's stock valued at $46,000 after purchasing an additional 1,918 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in Broadstone Net Lease in the 4th quarter valued at $54,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Broadstone Net Lease in the 1st quarter valued at $115,000. KBC Group NV raised its stake in Broadstone Net Lease by 15.1% in the 1st quarter. KBC Group NV now owns 9,094 shares of the company's stock valued at $155,000 after purchasing an additional 1,193 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new position in Broadstone Net Lease in the 4th quarter valued at $183,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BNL. Wolfe Research raised Broadstone Net Lease from a "peer perform" rating to an "outperform" rating and set a $19.00 target price for the company in a research note on Monday, July 28th. KeyCorp upgraded Broadstone Net Lease from a "sector weight" rating to an "overweight" rating and set a $20.00 price target for the company in a report on Tuesday, August 19th. UBS Group increased their price target on Broadstone Net Lease from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, August 15th. Wall Street Zen cut Broadstone Net Lease from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Finally, JMP Securities restated a "market outperform" rating and set a $21.00 target price on shares of Broadstone Net Lease in a report on Monday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.43.

Broadstone Net Lease Price Performance

Shares of Broadstone Net Lease stock traded down $0.03 on Monday, reaching $18.75. 303,228 shares of the company were exchanged, compared to its average volume of 1,467,785. Broadstone Net Lease, Inc. has a 1-year low of $13.96 and a 1-year high of $19.15. The company has a market cap of $3.55 billion, a P/E ratio of 36.05 and a beta of 1.01. The stock's 50 day moving average price is $17.03 and its 200-day moving average price is $16.51.

Broadstone Net Lease Announces Dividend

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