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

Broadstone Net Lease, Inc. (NYSE:BNL) announced a quarterly dividend on Thursday, October 31st, Wall Street Journal reports. Stockholders 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 dividend yield of 6.59%. The ex-dividend date is Tuesday, December 31st.

Broadstone Net Lease has increased its dividend 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. Equities 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 Down 2.9 %

BNL traded down $0.52 during trading on Thursday, reaching $17.59. 1,377,161 shares of the stock traded hands, compared to its average volume of 1,155,723. The stock’s 50-day moving average is $18.40 and its 200 day moving average is $16.80. Broadstone Net Lease has a 12 month low of $13.91 and a 12 month high of $19.15. The stock has a market capitalization of $3.32 billion, a PE ratio of 21.19 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Tuesday, July 30th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15). The business had revenue of $105.91 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the company earned $0.35 EPS. As a group, equities research analysts anticipate that Broadstone Net Lease will post 1.39 EPS for the current year.

Wall Street Analyst Weigh In

BNL has been the topic of a number of research analyst reports. Truist Financial increased their price target on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Wedbush began coverage on shares of Broadstone Net Lease in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, The Goldman Sachs Group upped 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.25.

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.