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

Broadstone Net Lease, Inc. (NYSE:BNL) announced a quarterly dividend on Wednesday, October 30th,Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.29 per share on Wednesday, January 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.28%. The ex-dividend date is Tuesday, December 31st.

Broadstone Net Lease has increased its dividend payment by an average of 57.3% annually over the last three years. Broadstone Net Lease has a dividend payout ratio of 148.7% 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 $1.43 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 81.1%.

Broadstone Net Lease Price Performance

Shares of BNL opened at $15.94 on Friday. Broadstone Net Lease has a one year low of $14.20 and a one year high of $19.15. The company’s fifty day moving average price is $17.20 and its 200 day moving average price is $17.37. The company has a market capitalization of $3.01 billion, a PE ratio of 20.97 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last announced its earnings results on Wednesday, October 30th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.15). Broadstone Net Lease had a net margin of 33.56% and a return on equity of 4.47%. The business had revenue of $108.40 million for the quarter, compared to the consensus estimate of $106.47 million. During the same quarter in the previous year, the company earned $0.36 EPS. Analysts anticipate that Broadstone Net Lease will post 1.39 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. The Goldman Sachs Group upped their target price on shares of Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, September 13th. UBS Group began coverage on shares of Broadstone Net Lease in a research note on Thursday, November 14th. They issued a “neutral” rating and a $18.00 target price for 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 research note on Tuesday, December 17th. Finally, Citizens Jmp upgraded Broadstone Net Lease from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadstone Net Lease has an average 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.