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

Broadstone Net Lease, Inc. (NYSE:BNL) announced a quarterly dividend on Tuesday, July 30th, Zacks reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.29 per share on Tuesday, October 15th. This represents a $1.16 annualized dividend and a yield of 6.62%. The ex-dividend date of this dividend is Monday, September 30th.

Broadstone Net Lease has increased its dividend payment by an average of 57.3% per year over the last three years. Broadstone Net Lease has a payout ratio of 158.9% 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 $1.44 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 80.6%.

Broadstone Net Lease Stock Up 0.7 %

Broadstone Net Lease stock traded up $0.12 during midday trading on Thursday, hitting $17.53. The company’s stock had a trading volume of 79,152 shares, compared to its average volume of 1,209,141. The stock’s 50-day moving average price is $16.02 and its 200-day moving average price is $15.57. Broadstone Net Lease has a 12 month low of $13.68 and a 12 month high of $18.10. The company has a market capitalization of $3.30 billion, a PE ratio of 18.14 and a beta of 1.11.

Broadstone Net Lease (NYSE:BNL) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a return on equity of 4.85% and a net margin of 36.78%. The business had revenue of $105.91 million during the quarter, compared to the consensus estimate of $105.95 million. During the same quarter last year, the firm posted $0.35 earnings per share. As a group, equities analysts anticipate that Broadstone Net Lease will post 1.39 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BNL. KeyCorp began coverage on shares of Broadstone Net Lease in a research report on Wednesday, June 12th. They issued a “sector weight” rating on the stock. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.75.

About Broadstone Net Lease

BNL is an industrial-focused, diversified net lease REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2023, BNL's diversified portfolio consisted of 800 individual net leased commercial properties with 793 properties located in 44 U.S.