Broadstone Net Lease, Inc. (NYSE:BNL) Raises Dividend to $0.29 Per Share

Broadstone Net Lease, Inc. (NYSE:BNL) announced a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.29 per share on Monday, July 15th. This represents a $1.16 annualized dividend and a dividend yield of 7.61%. The ex-dividend date is Friday, June 28th. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.29.

Broadstone Net Lease has increased its dividend by an average of 20.8% per year over the last three years and has raised its dividend every year for the last 2 years. Broadstone Net Lease has a payout ratio of 152.0% 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 $1.42 per share next year, which means the company should continue to be able to cover its $1.14 annual dividend with an expected future payout ratio of 80.3%.

Broadstone Net Lease Stock Performance

Broadstone Net Lease stock traded up $0.62 during mid-day trading on Thursday, hitting $15.24. The company’s stock had a trading volume of 2,355,744 shares, compared to its average volume of 1,273,823. The company has a 50 day moving average of $14.84 and a 200-day moving average of $15.57. Broadstone Net Lease has a one year low of $13.68 and a one year high of $17.59. The stock has a market cap of $2.86 billion, a PE ratio of 18.37 and a beta of 1.10.

Broadstone Net Lease (NYSE:BNL) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $105.37 million during the quarter, compared to analyst estimates of $107.76 million. Broadstone Net Lease had a net margin of 35.10% and a return on equity of 4.80%. During the same quarter last year, the business posted $0.34 EPS. On average, equities research analysts forecast that Broadstone Net Lease will post 1.38 EPS for the current fiscal year.

Insider Activity at Broadstone Net Lease

In related news, CFO Kevin Fennell acquired 4,000 shares of Broadstone Net Lease stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average cost of $14.63 per share, for a total transaction of $58,520.00. Following the acquisition, the chief financial officer now owns 63,556 shares in the company, valued at $929,824.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Kevin Fennell acquired 4,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the acquisition, the chief financial officer now owns 63,556 shares of the company’s stock, valued at $929,824.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael A. Coke acquired 10,000 shares of the stock in a transaction dated Monday, February 26th. The stock was acquired at an average cost of $14.67 per share, with a total value of $146,700.00. Following the purchase, the director now owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on BNL. TheStreet lowered shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. The Goldman Sachs Group initiated coverage on Broadstone Net Lease in a research report on Thursday, March 7th. They issued a “sell” rating and a $14.00 price target for the company. Truist Financial dropped their price objective on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a research report on Tuesday, February 27th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average 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.