Massachusetts Financial Services Co. MA Sells 22,578 Shares of Broadstone Net Lease, Inc. (NYSE:BNL)

Massachusetts Financial Services Co. MA cut its holdings in Broadstone Net Lease, Inc. (NYSE:BNL) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,957,017 shares of the company’s stock after selling 22,578 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Broadstone Net Lease were worth $46,898,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. FMR LLC increased its position in shares of Broadstone Net Lease by 84.0% during the 3rd quarter. FMR LLC now owns 9,992 shares of the company’s stock valued at $189,000 after purchasing an additional 4,562 shares during the last quarter. Verition Fund Management LLC boosted its stake in Broadstone Net Lease by 310.5% during the third quarter. Verition Fund Management LLC now owns 41,847 shares of the company’s stock worth $793,000 after buying an additional 31,654 shares during the period. Stifel Financial Corp boosted its stake in Broadstone Net Lease by 6.5% during the third quarter. Stifel Financial Corp now owns 15,470 shares of the company’s stock worth $293,000 after buying an additional 939 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Broadstone Net Lease in the third quarter valued at $12,574,000. Finally, Brookfield Corp ON bought a new stake in shares of Broadstone Net Lease in the 3rd quarter worth about $18,444,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BNL has been the topic of several analyst reports. JMP Securities upgraded shares of 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. BMO Capital Markets set a $20.00 target price on Broadstone Net Lease and gave the company an “outperform” rating in a research note on Monday, March 24th. Finally, Citizens Jmp raised Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.83.

Broadstone Net Lease Price Performance

NYSE:BNL opened at $16.16 on Friday. Broadstone Net Lease, Inc. has a 1-year low of $14.21 and a 1-year high of $19.15. The company has a 50-day moving average of $16.41 and a 200 day moving average of $16.93. The firm has a market cap of $3.05 billion, a PE ratio of 18.57 and a beta of 1.03.

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

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.18%. The ex-dividend date of this dividend is Monday, March 31st. Broadstone Net Lease’s payout ratio is currently 133.33%.

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.