Bloomin’ Brands, Inc. (BLMN) to Issue Quarterly Dividend of $0.24 on December 11th

Bloomin’ Brands, Inc. (NASDAQ:BLMN) declared a quarterly dividend on Monday, November 11th,Wall Street Journal reports. Stockholders of record on Monday, November 25th will be paid a dividend of 0.24 per share by the restaurant operator on Wednesday, December 11th. This represents a $0.96 annualized dividend and a dividend yield of 7.19%. The ex-dividend date of this dividend is Monday, November 25th.

Bloomin’ Brands has raised its dividend by an average of 68.7% per year over the last three years. Bloomin’ Brands has a payout ratio of 42.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bloomin’ Brands to earn $2.25 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 42.7%.

Bloomin’ Brands Price Performance

Shares of NASDAQ BLMN opened at $13.35 on Wednesday. The firm’s 50-day moving average price is $16.35 and its 200-day moving average price is $18.67. Bloomin’ Brands has a 1-year low of $13.23 and a 1-year high of $30.13. The firm has a market capitalization of $1.13 billion, a P/E ratio of -121.36 and a beta of 2.04. The company has a current ratio of 0.35, a quick ratio of 0.26 and a debt-to-equity ratio of 3.46.

Bloomin’ Brands (NASDAQ:BLMN) last announced its quarterly earnings data on Friday, November 8th. The restaurant operator reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.02. Bloomin’ Brands had a net margin of 0.70% and a return on equity of 61.90%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the business earned $0.44 earnings per share. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. Equities research analysts anticipate that Bloomin’ Brands will post 1.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BLMN. Barclays lowered their target price on shares of Bloomin’ Brands from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday. StockNews.com raised shares of Bloomin’ Brands from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. BMO Capital Markets reduced their price objective on shares of Bloomin’ Brands from $27.00 to $20.00 and set a “market perform” rating for the company in a research report on Wednesday, August 7th. Piper Sandler reduced their price objective on shares of Bloomin’ Brands from $20.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday. Finally, UBS Group reduced their price objective on shares of Bloomin’ Brands from $26.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.70.

About Bloomin’ Brands

Bloomin' Brands, Inc, through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, U.S. and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba's Italian Grill, a casual Italian restaurant; Bonefish Grill; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse.