Broadstone Net Lease, Inc. (NYSE:BNL) Raises Dividend to $0.29 Per Share

Broadstone Net Lease, Inc. (NYSE:BNL) declared a quarterly dividend on Wednesday, May 1st, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.29 per share on Monday, July 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.47%. The ex-dividend date is Friday, June 28th. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.29.

Broadstone Net Lease has increased its dividend by an average of 57.3% annually over the last three years. Broadstone Net Lease has a payout ratio of 158.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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 Price Performance

Shares of BNL opened at $15.53 on Thursday. The business’s 50 day simple moving average is $15.19 and its 200-day simple moving average is $15.65. Broadstone Net Lease has a 1 year low of $13.68 and a 1 year high of $17.59. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 16.18 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Broadstone Net Lease had a return on equity of 5.60% and a net margin of 42.23%. The business had revenue of $105.37 million for the quarter, compared to the consensus estimate of $107.76 million. During the same period in the prior year, the business posted $0.34 earnings per share. On average, sell-side analysts expect that Broadstone Net Lease will post 1.39 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group began coverage on shares of Broadstone Net Lease in a research report on Thursday, March 7th. They issued a “sell” rating and a $14.00 price target for the company. KeyCorp started coverage on shares of Broadstone Net Lease in a research note on Wednesday, June 12th. They set a “sector weight” rating for the company. Finally, Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $16.75.

Broadstone Net Lease Company Profile

BNL is an industrial-focused, diversified net lease REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2023, BNL's diversified portfolio consisted of 800 individual net leased commercial properties with 793 properties located in 44 U.S.