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. 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% per year 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 research 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 Up 3.1 %

NYSE:BNL opened at $16.03 on Friday. Broadstone Net Lease has a 12-month low of $14.20 and a 12-month high of $19.15. The stock has a 50-day moving average price of $15.82 and a 200 day moving average price of $17.17. The stock has a market capitalization of $3.02 billion, a P/E ratio of 18.42 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last released its earnings results on Wednesday, February 19th. The company reported $0.36 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $109.80 million. On average, research analysts predict that Broadstone Net Lease will post 1.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BNL has been the subject of several research analyst reports. Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 17th. JMP Securities upgraded shares of Broadstone Net Lease from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Tuesday, December 17th. Finally, UBS Group started coverage on shares of Broadstone Net Lease in a report on Thursday, November 14th. They set a “neutral” rating and a $18.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned 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 company currently 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.