Broadstone Net Lease, Inc. (NYSE:BNL) Announces $0.29 Quarterly Dividend

Broadstone Net Lease, Inc. (NYSE:BNL) declared a quarterly dividend on Thursday, October 31st, Wall Street Journal reports. Investors of record on Tuesday, December 31st will be given a dividend of 0.29 per share on Wednesday, January 15th. This represents a $1.16 annualized dividend and a yield of 6.59%. The ex-dividend date is Tuesday, December 31st.

Broadstone Net Lease has raised its dividend payment by an average of 57.3% per year over the last three years. Broadstone Net Lease has a dividend payout ratio of 148.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Broadstone Net Lease to earn $1.44 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 80.6%.

Broadstone Net Lease Stock Performance

NYSE:BNL traded down $0.52 on Thursday, hitting $17.59. The stock had a trading volume of 1,377,161 shares, compared to its average volume of 1,155,723. Broadstone Net Lease has a 1 year low of $13.91 and a 1 year high of $19.15. The firm’s fifty day simple moving average is $18.40 and its two-hundred day simple moving average is $16.80. The stock has a market cap of $3.32 billion, a P/E ratio of 21.19 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). The business had revenue of $105.91 million for the quarter, compared to analysts’ expectations of $105.95 million. Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.86%. During the same period in the previous year, the business posted $0.35 earnings per share. Equities research analysts predict that Broadstone Net Lease will post 1.39 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group lifted their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Friday, September 13th. Wedbush started coverage on shares of Broadstone Net Lease in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price on the stock. Finally, Truist Financial raised their price target on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.25.

About Broadstone Net Lease

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.