Broadstone Net Lease, Inc. (NYSE:BNL) to Issue $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 given a dividend of 0.29 per share on Tuesday, April 15th. This represents a $1.16 dividend on an annualized basis 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% per year over the last three years. Broadstone Net Lease has a dividend payout ratio of 145.0% 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 $1.43 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 Up 3.1 %

NYSE BNL traded up $0.48 on Thursday, reaching $16.03. The company had a trading volume of 1,438,765 shares, compared to its average volume of 1,055,053. The stock has a market capitalization of $3.02 billion, a PE ratio of 21.09 and a beta of 1.11. The firm’s 50 day moving average price is $15.84 and its 200 day moving average price is $17.18. Broadstone Net Lease has a 12 month low of $14.20 and a 12 month high of $19.15.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on BNL. JMP Securities upgraded 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. UBS Group began coverage on Broadstone Net Lease in a report on Thursday, November 14th. They issued a “neutral” rating and a $18.00 target price for the company. Finally, Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.60.

About Broadstone Net Lease

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.