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

Broadstone Net Lease, Inc. (NYSE:BNL) announced a quarterly dividend on Tuesday, July 30th, Zacks reports. Investors of record on Monday, September 30th will be given a dividend of 0.29 per share on Tuesday, October 15th. This represents a $1.16 annualized dividend and a yield of 6.16%. The ex-dividend date of this dividend is Monday, September 30th.

Broadstone Net Lease has increased its dividend payment by an average of 57.3% per year over the last three years. Broadstone Net Lease has a 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 Performance

Shares of BNL stock opened at $18.84 on Friday. Broadstone Net Lease has a 1 year low of $13.68 and a 1 year high of $19.10. The firm has a market capitalization of $3.55 billion, a PE ratio of 19.63 and a beta of 1.11. The stock has a fifty day moving average of $18.02 and a two-hundred day moving average of $16.27.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BNL shares. Wedbush initiated coverage on shares of Broadstone Net Lease in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective on the stock. KeyCorp began coverage on Broadstone Net Lease in a report on Wednesday, June 12th. They set a “sector weight” rating on the stock. The Goldman Sachs Group raised their price objective on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, September 13th. Finally, Truist Financial boosted their target price on shares of Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.00.

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.