Canandaigua National Trust Co of Florida Invests $1.14 Million in Broadstone Net Lease, Inc. (NYSE:BNL)

Canandaigua National Trust Co of Florida acquired a new stake in shares of Broadstone Net Lease, Inc. (NYSE:BNL) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 72,088 shares of the company’s stock, valued at approximately $1,143,000. Broadstone Net Lease comprises 0.9% of Canandaigua National Trust Co of Florida’s portfolio, making the stock its 25th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Broadstone Net Lease by 257.5% in the third quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock worth $33,000 after purchasing an additional 1,272 shares during the period. Quarry LP boosted its holdings in Broadstone Net Lease by 93.1% in the 2nd quarter. Quarry LP now owns 2,556 shares of the company’s stock worth $41,000 after buying an additional 1,232 shares during the period. Blue Trust Inc. increased its stake in Broadstone Net Lease by 156.5% in the 3rd quarter. Blue Trust Inc. now owns 3,902 shares of the company’s stock worth $74,000 after buying an additional 2,381 shares in the last quarter. US Bancorp DE raised its holdings in Broadstone Net Lease by 636.6% during the third quarter. US Bancorp DE now owns 3,941 shares of the company’s stock valued at $75,000 after acquiring an additional 3,406 shares during the period. Finally, KBC Group NV lifted its position in shares of Broadstone Net Lease by 29.4% in the third quarter. KBC Group NV now owns 6,220 shares of the company’s stock valued at $118,000 after acquiring an additional 1,413 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Broadstone Net Lease Stock Down 1.1 %

NYSE BNL traded down $0.18 during trading hours on Monday, hitting $15.67. 962,877 shares of the company were exchanged, compared to its average volume of 795,543. The stock has a market cap of $2.95 billion, a PE ratio of 20.62 and a beta of 1.11. Broadstone Net Lease, Inc. has a 52 week low of $14.20 and a 52 week high of $19.15. The stock has a 50-day moving average price of $16.97 and a 200 day moving average price of $17.42.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). The company had revenue of $108.40 million for the quarter, compared to analysts’ expectations of $106.47 million. Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, sell-side analysts anticipate that Broadstone Net Lease, Inc. will post 1.39 earnings per share for the current year.

Broadstone Net Lease Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.29 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.16 annualized dividend and a yield of 7.40%. Broadstone Net Lease’s payout ratio is 152.63%.

Analysts Set New Price Targets

BNL has been the topic of several recent analyst reports. JMP Securities raised 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. UBS Group initiated coverage on shares of Broadstone Net Lease in a report on Thursday, November 14th. They issued a “neutral” rating and a $18.00 price target on the stock. The Goldman Sachs Group increased their price objective on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, September 13th. Finally, Citizens Jmp raised Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadstone Net Lease presently has an average rating of “Hold” and a consensus target price of $18.60.

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.