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

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 6.16%. The ex-dividend date of this dividend is Monday, September 30th.

Broadstone Net Lease has increased its dividend by an average of 57.3% annually over the last three years. Broadstone Net Lease has a payout ratio of 148.7% indicating that 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 $1.44 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 Trading Up 0.6 %

Shares of BNL stock opened at $18.84 on Friday. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 19.63 and a beta of 1.11. Broadstone Net Lease has a 1-year low of $13.68 and a 1-year high of $19.10. The stock’s fifty day simple moving average is $18.02 and its 200-day simple moving average is $16.28.

Broadstone Net Lease (NYSE:BNL) last released its earnings results on Tuesday, July 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 36.78% and a return on equity of 4.86%. The business had revenue of $105.91 million for the quarter, compared to analysts’ expectations of $105.95 million. During the same period last year, the firm earned $0.35 EPS. On average, sell-side analysts predict that Broadstone Net Lease will post 1.39 EPS for the current year.

Analyst Upgrades and Downgrades

BNL has been the subject of several recent research reports. Truist Financial increased their price objective on Broadstone Net Lease from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Wedbush started coverage on Broadstone Net Lease in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target for the company. The Goldman Sachs Group boosted their price target on Broadstone Net Lease from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, September 13th. Finally, KeyCorp assumed coverage on shares of Broadstone Net Lease in a research report on Wednesday, June 12th. They set a “sector weight” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.00.

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.