Bank of New York Mellon Corp Buys 237,083 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Bank of New York Mellon Corp boosted its stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 15.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,820,961 shares of the company’s stock after acquiring an additional 237,083 shares during the quarter. Bank of New York Mellon Corp’s holdings in Broadstone Net Lease were worth $28,880,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Natixis Advisors LLC increased its stake in Broadstone Net Lease by 63.2% during the third quarter. Natixis Advisors LLC now owns 114,272 shares of the company’s stock worth $2,165,000 after acquiring an additional 44,264 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake 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 worth $7,403,000 after acquiring an additional 108,907 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake 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 worth $705,000 after acquiring an additional 19,839 shares during the last quarter. Meritage Portfolio Management bought a new stake in Broadstone Net Lease during the third quarter worth approximately $5,610,000. Finally, Intech Investment Management LLC bought a new stake in Broadstone Net Lease during the third quarter worth approximately $633,000. 89.07% of the stock is owned by institutional investors.

Broadstone Net Lease Stock Performance

Shares of NYSE BNL opened at $16.97 on Friday. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 19.50 and a beta of 1.09. The stock has a 50 day moving average price of $15.90 and a 200 day moving average price of $17.12. 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) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.16. The firm had revenue of $112.13 million during the quarter, compared to analyst estimates of $109.80 million. Broadstone Net Lease had a return on equity of 5.10% and a net margin of 37.62%. Analysts forecast that Broadstone Net Lease, Inc. will post 1.43 earnings per share for the current year.

Broadstone Net Lease Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BNL shares. JMP Securities upgraded Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a research report on Tuesday, December 17th. UBS Group started coverage on Broadstone Net Lease in a research report on Thursday, November 14th. They set a “neutral” rating and a $18.00 target price for the company. Finally, Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.