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

Broadstone Net Lease, Inc. (NYSE:BNL) announced a quarterly dividend on Wednesday, October 30th,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 7.28%. The ex-dividend date is Tuesday, December 31st.

Broadstone Net Lease has raised its dividend by an average of 57.3% annually over the last three years. Broadstone Net Lease has a dividend payout ratio of 148.7% meaning 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 $1.43 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 Price Performance

BNL stock opened at $15.94 on Friday. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 20.97 and a beta of 1.10. The business has a fifty day moving average price of $17.20 and a 200 day moving average price of $17.37. Broadstone Net Lease has a fifty-two week low of $14.20 and a fifty-two week high of $19.15.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. The business had revenue of $108.40 million during the quarter, compared to the consensus estimate of $106.47 million. During the same period in the prior year, the firm earned $0.36 earnings per share. On average, equities analysts expect that Broadstone Net Lease will post 1.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on BNL. UBS Group started coverage on shares of Broadstone Net Lease in a research note on Thursday, November 14th. They set a “neutral” rating and a $18.00 price target on the stock. The Goldman Sachs Group lifted their target price on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, September 13th. JMP Securities upgraded Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a report on Tuesday, December 17th. Finally, Citizens Jmp raised Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price 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.