Bank of New York Mellon Corp Grows Stake in Broadstone Net Lease, Inc. (NYSE:BNL)

Bank of New York Mellon Corp lifted its position in Broadstone Net Lease, Inc. (NYSE:BNL) by 15.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,820,961 shares of the company’s stock after buying an additional 237,083 shares during the period. Bank of New York Mellon Corp owned approximately 0.97% of Broadstone Net Lease worth $28,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of BNL. Natixis Advisors LLC lifted its position in Broadstone Net Lease by 63.2% during the third quarter. Natixis Advisors LLC now owns 114,272 shares of the company’s stock valued at $2,165,000 after purchasing an additional 44,264 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Broadstone Net Lease by 30.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 466,782 shares of the company’s stock valued at $7,403,000 after purchasing an additional 108,907 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Broadstone Net Lease by 79.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 44,955 shares of the company’s stock valued at $705,000 after purchasing an additional 19,839 shares in the last quarter. Meritage Portfolio Management purchased a new position in Broadstone Net Lease during the third quarter valued at $5,610,000. Finally, Intech Investment Management LLC purchased a new position in Broadstone Net Lease during the third quarter valued at $633,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Broadstone Net Lease Stock Up 0.6 %

NYSE:BNL opened at $16.97 on Friday. The business’s 50-day simple moving average is $15.90 and its two-hundred day simple moving average is $17.12. The stock has a market cap of $3.20 billion, a PE ratio of 19.50 and a beta of 1.09. Broadstone Net Lease, Inc. has a 52 week low of $14.20 and a 52 week high of $19.15.

Broadstone Net Lease (NYSE:BNL) last issued its earnings results on Wednesday, February 19th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.16. Broadstone Net Lease had a return on equity of 5.10% and a net margin of 37.62%. The firm had revenue of $112.13 million for the quarter, compared to analysts’ expectations of $109.80 million. Sell-side analysts anticipate that Broadstone Net Lease, Inc. will post 1.43 earnings per share for the current fiscal year.

Broadstone Net Lease Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.29 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.16 annualized dividend and a dividend yield of 6.84%. Broadstone Net Lease’s dividend payout ratio (DPR) is 133.33%.

Analysts Set New Price Targets

Several research firms recently weighed in on BNL. Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. JMP Securities raised Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a report on Tuesday, December 17th. Finally, UBS Group initiated coverage on Broadstone Net Lease in a report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Broadstone Net Lease currently has an average rating of “Hold” and a consensus price target of $18.60.

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.