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

Broadstone Net Lease, Inc. (NYSE:BNL) announced a quarterly dividend on Wednesday, February 19th, 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 6.84%. The ex-dividend date of this dividend is Monday, March 31st.

Broadstone Net Lease has raised its dividend by an average of 12.8% per year over the last three years. Broadstone Net Lease has a dividend payout ratio of 154.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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

Shares of BNL opened at $16.97 on Friday. The firm has a market cap of $3.20 billion, a P/E ratio of 19.50 and a beta of 1.09. Broadstone Net Lease has a twelve month low of $14.21 and a twelve month high of $19.15. The firm’s 50 day moving average price is $16.31 and its two-hundred day moving average price is $17.00.

Broadstone Net Lease (NYSE:BNL) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.20 by $0.16. The business had revenue of $112.13 million for the quarter, compared to analysts’ expectations of $109.80 million. Broadstone Net Lease had a net margin of 37.62% and a return on equity of 5.10%. On average, sell-side analysts anticipate that Broadstone Net Lease will post 1.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. 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. Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Finally, BMO Capital Markets set a $20.00 price target on shares of Broadstone Net Lease and gave the stock an “outperform” rating in a research note on Monday. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.83.

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.