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

Broadstone Net Lease, Inc. (NYSE:BNL) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 0.29 per share on Tuesday, April 15th. This represents a $1.16 annualized dividend and a yield of 7.24%. The ex-dividend date of this dividend is Monday, March 31st.

Broadstone Net Lease has increased its dividend by an average of 12.8% annually over the last three years. Broadstone Net Lease has a payout ratio of 145.0% meaning 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 $1.43 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 81.1%.

Broadstone Net Lease Stock Performance

BNL stock traded up $0.48 during trading on Thursday, reaching $16.03. 1,438,765 shares of the company traded hands, compared to its average volume of 1,055,053. Broadstone Net Lease has a 12 month low of $14.20 and a 12 month high of $19.15. The business has a 50 day simple moving average of $15.84 and a 200 day simple moving average of $17.18. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 21.09 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Wednesday, February 19th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.16. Broadstone Net Lease had a return on equity of 4.47% and a net margin of 33.56%. The company had revenue of $112.13 million for the quarter, compared to analyst estimates of $109.80 million. As a group, research analysts forecast that Broadstone Net Lease will post 1.39 EPS for the current year.

Analyst Upgrades and Downgrades

BNL has been the topic of several research analyst reports. Citizens Jmp raised shares of Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. UBS Group initiated coverage on Broadstone Net Lease in a research report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price target for the company. Finally, JMP Securities raised Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.60.

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.