Broadstone Net Lease, Inc. (NYSE:BNL) Announces Dividend Increase – $0.29 Per Share

Broadstone Net Lease, Inc. (NYSE:BNL) declared a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors 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 dividend on an annualized basis and a yield of 7.61%. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.29.

Broadstone Net Lease has increased its dividend payment by an average of 20.8% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Broadstone Net Lease has a dividend 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 Price Performance

Shares of NYSE BNL traded up $0.62 during mid-day trading on Thursday, hitting $15.24. 2,355,744 shares of the stock traded hands, compared to its average volume of 1,273,823. Broadstone Net Lease has a twelve month low of $13.68 and a twelve month high of $17.59. The company has a market cap of $2.86 billion, a PE ratio of 18.37 and a beta of 1.10. The firm has a 50 day simple moving average of $14.84 and a two-hundred day simple moving average of $15.57.

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

Insider Activity

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BNL. The Goldman Sachs Group initiated coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They set a “sell” rating and a $14.00 price objective on the stock. TheStreet lowered Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. Wolfe Research reaffirmed a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Finally, Truist Financial reduced their price target on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.