Broadstone Net Lease, Inc. (NYSE:BNL) to Issue 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 7.27%. The ex-dividend date is Monday, March 31st.

Broadstone Net Lease has increased its dividend by an average of 12.8% annually over the last three years. Broadstone Net Lease has a 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. 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 Trading Down 0.5 %

BNL opened at $15.96 on Friday. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 18.34 and a beta of 1.11. Broadstone Net Lease has a 12 month low of $14.20 and a 12 month high of $19.15. The stock has a fifty day moving average price of $15.80 and a 200-day moving average price of $17.17.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Wednesday, February 19th. The company reported $0.36 earnings per share for the quarter, topping 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 the consensus estimate of $109.80 million. On average, equities research analysts forecast that Broadstone Net Lease will post 1.43 EPS for the current year.

Wall Street Analysts Forecast Growth

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