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

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

Broadstone Net Lease has increased its dividend payment by an average of 12.8% annually over the last three years. Broadstone Net Lease has a dividend 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 $1.45 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 80.0%.

Broadstone Net Lease Stock Performance

BNL opened at $16.03 on Friday. Broadstone Net Lease has a 52-week low of $14.20 and a 52-week high of $19.15. The stock has a market capitalization of $3.02 billion, a PE ratio of 18.42 and a beta of 1.11. The stock’s 50 day moving average price is $15.82 and its 200-day moving average price is $17.17.

Broadstone Net Lease (NYSE:BNL) last posted 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 5.10% and a net margin of 37.62%. The firm had revenue of $112.13 million for the quarter, compared to analysts’ expectations of $109.80 million. Research analysts forecast that Broadstone Net Lease will post 1.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BNL. JMP Securities raised Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research note on Tuesday, December 17th. Citizens Jmp raised Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Finally, UBS Group began coverage on Broadstone Net Lease in a research note on Thursday, November 14th. They issued a “neutral” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock 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.