Zurcher Kantonalbank Increases Stake in Broadstone Net Lease, Inc.

Zurcher Kantonalbank Zurich Cantonalbank has recently increased its investment in Broadstone Net Lease, Inc. (NYSE: BNL) by 44.8% during the fourth quarter, as reported in its latest Form 13F filing with the Securities and Exchange Commission (SEC). As a result of this transaction, the firm now holds 97,960 shares of Broadstone's stock after acquiring an additional 30,309 shares throughout the quarter. The value of Zurcher Kantonalbank's stake in Broadstone Net Lease is approximately $1,554,000 based on its most recent filings.

The market for Broadstone Net Lease is also seeing interest from other significant investors. For instance, Brookfield Corp ON made a new investment in Broadstone shares during the third quarter, valued at $18,444,000. Similarly, Wellington Management Group LLP also entered into a new investment in the same timeframe, amounting to $12,574,000. Furthermore, Systematic Financial Management LP boosted its holdings in Broadstone Net Lease by 298.1% during the third quarter, now owning 747,706 shares valued at $14,169,000 after purchasing 559,906 additional shares.

Columbus Macro LLC and Victory Capital Management Inc. also showed interest in Broadstone Net Lease during the fourth quarter, acquiring stakes valued at $6,269,000 and increasing their holdings by 35.5%, respectively. Victory Capital now owns a total of 1,454,507 shares worth approximately $27,563,000. Notably, institutional investors and hedge funds together own about 89.07% of Broadstone's shares.

Price Targets by Analysts

Recent analyst ratings have shown a positive shift for Broadstone Net Lease. JMP Securities upgraded the stock from a "market perform" to an "outperform" rating, with a target price set at $21.00. Meanwhile, Citizens JMP also upgraded their rating from "hold" to "strong-buy." Overall, there have been mixed reviews regarding Broadstone Net Lease, with one analyst issuing a sell rating, four maintaining hold ratings, two issuing buy ratings, and one strong-buy rating. The consensus from analysts suggests an average rating of "Hold" with a target price of $18.60.

Price Performance of Broadstone Net Lease

As of Tuesday, Broadstone Net Lease shares opened at $17.11. The stock has recorded a fifty-two week low of $14.21 and a high of $19.15. The moving averages indicate a 50-day average at $16.04 and a 200-day average at $17.06. With a market capitalization of $3.23 billion, the stock holds a PE ratio of 19.66 and a beta of 1.09, reflecting its volatility compared to the market.

The last earnings report from Broadstone Net Lease was released on February 19, where the company successfully reported earnings of $0.36 per share for the quarter, exceeding analysts' expectations of $0.20 by $0.16. The revenue reported for the quarter was $112.13 million, surpassing the anticipated $109.80 million. Based on average predictions, analysts expect Broadstone Net Lease to achieve earnings of 1.43 per share in the current year.

Dividend Announcement from Broadstone Net Lease

Broadstone Net Lease has declared a quarterly dividend, to be disbursed on April 15, with record investors on March 31 set to receive a $0.29 dividend. The ex-dividend date is March 31 as well. This translates to an annualized dividend of $1.16 and a yield of 6.78%. It is noteworthy that Broadstone’s payout ratio stands at 133.33%, which indicates the company is distributing more in dividends than its earnings.

Company Overview

Broadstone Net Lease, Inc., established as a Maryland corporation on October 18, 2007, operates as a real estate investment trust (REIT) since the taxable year ended December 31, 2008. The operating company, Broadstone Net Lease, LLC, is the entity through which the corporation conducts its business, owning properties either directly or through subsidiaries.

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