HighTower Advisors LLC Lowers Stake in Broadstone Net Lease, Inc. (NYSE:BNL)

HighTower Advisors LLC lowered its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) by 11.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 198,703 shares of the company's stock after selling 25,481 shares during the period. HighTower Advisors LLC owned approximately 0.11% of Broadstone Net Lease worth $3,151,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in BNL. Assetmark Inc. boosted its position in Broadstone Net Lease by 345.1% in the fourth quarter. Assetmark Inc. now owns 4,464 shares of the company's stock worth $71,000 after purchasing an additional 3,461 shares during the last quarter. Blue Trust Inc. grew its position in Broadstone Net Lease by 23.7% during the fourth quarter. Blue Trust Inc. now owns 4,827 shares of the company's stock valued at $77,000 after buying an additional 925 shares during the period. KBC Group NV grew its position in Broadstone Net Lease by 29.4% during the third quarter. KBC Group NV now owns 6,220 shares of the company's stock valued at $118,000 after buying an additional 1,413 shares during the period. PNC Financial Services Group Inc. increased its holdings in Broadstone Net Lease by 58.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,842 shares of the company's stock worth $172,000 after buying an additional 4,017 shares during the last quarter. Finally, MQS Management LLC bought a new stake in Broadstone Net Lease in the fourth quarter worth about $183,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Broadstone Net Lease Trading Down 2.2 %

BNL stock traded down $0.38 during midday trading on Tuesday, hitting $16.82. The company had a trading volume of 3,415,953 shares, compared to its average volume of 1,058,968. Broadstone Net Lease, Inc. has a 52 week low of $14.21 and a 52 week high of $19.15. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 19.33 and a beta of 1.09. The stock's 50 day moving average price is $16.20 and its 200 day moving average price is $17.02.

Remove Ads

Broadstone Net Lease (NYSE:BNL - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.16. Broadstone Net Lease had a net margin of 37.62% and a return on equity of 5.10%. The business had revenue of $112.13 million during the quarter, compared to analysts' expectations of $109.80 million. Analysts predict that Broadstone Net Lease, Inc. will post 1.43 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 6.90%. The ex-dividend date is Monday, March 31st. Broadstone Net Lease's dividend payout ratio (DPR) is currently 133.33%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JMP Securities upgraded Broadstone Net Lease from a "market perform" rating to an "outperform" rating and set a $21.00 target price on the stock in a research note on Tuesday, December 17th. Citizens Jmp upgraded Broadstone Net Lease from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price 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.