Broadstone Net Lease, Inc. (BNL) to Issue Quarterly Dividend of $0.29 on April 15th

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 paid a dividend of 0.29 per share on Tuesday, April 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.27%. The ex-dividend date 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 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. 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 Stock Performance

Shares of Broadstone Net Lease stock opened at $15.96 on Friday. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 18.34 and a beta of 1.11. The stock has a 50 day moving average price of $15.80 and a 200-day moving average price of $17.17. Broadstone Net Lease has a one year low of $14.20 and a one year high of $19.15.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Wednesday, February 19th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.16. The firm 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 5.10% and a net margin of 37.62%. Sell-side analysts predict that Broadstone Net Lease will post 1.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BNL shares. UBS Group started coverage on Broadstone Net Lease in a research note on Thursday, November 14th. They set a “neutral” rating and a $18.00 price target for the company. JMP Securities raised 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 note on Tuesday, December 17th. Finally, Citizens Jmp raised Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus 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.