Meritage Portfolio Management Buys Shares of 296,045 Broadstone Net Lease, Inc. (NYSE:BNL)

Meritage Portfolio Management purchased a new stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 296,045 shares of the company's stock, valued at approximately $5,610,000. Meritage Portfolio Management owned about 0.16% of Broadstone Net Lease at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in shares of Broadstone Net Lease by 257.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,766 shares of the company's stock worth $33,000 after purchasing an additional 1,272 shares in the last quarter. Quarry LP boosted its stake in shares of Broadstone Net Lease by 93.1% in the 2nd quarter. Quarry LP now owns 2,556 shares of the company's stock valued at $41,000 after purchasing an additional 1,232 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Broadstone Net Lease by 156.5% during the 3rd quarter. Blue Trust Inc. now owns 3,902 shares of the company's stock valued at $74,000 after purchasing an additional 2,381 shares during the last quarter. US Bancorp DE lifted its stake in Broadstone Net Lease by 636.6% in the third quarter. US Bancorp DE now owns 3,941 shares of the company's stock worth $75,000 after purchasing an additional 3,406 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Broadstone Net Lease by 35.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,314 shares of the company's stock valued at $138,000 after buying an additional 1,908 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BNL shares. Truist Financial increased their target price on Broadstone Net Lease from $16.00 to $18.00 and gave the company a "hold" rating in a report on Friday, August 16th. Wedbush began coverage on Broadstone Net Lease in a research note on Monday, August 19th. They set an "outperform" rating and a $20.00 price objective for the company. Finally, The Goldman Sachs Group lifted their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the stock a "sell" rating in a research note on Friday, September 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $18.25.

Broadstone Net Lease Price Performance

Broadstone Net Lease stock traded up $0.11 during mid-day trading on Friday, reaching $17.64. 1,453,789 shares of the company traded hands, compared to its average volume of 965,083. The firm's 50 day moving average price is $18.31 and its 200 day moving average price is $16.97. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 23.21 and a beta of 1.12. 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 - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The firm had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. During the same period in the prior year, the company posted $0.36 EPS. On average, sell-side analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 EPS for the current year.

Broadstone Net Lease Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.58%. Broadstone Net Lease's dividend payout ratio is currently 152.63%.

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.