Broadstone Net Lease, Inc. (BNL) To Go Ex-Dividend on June 28th

Broadstone Net Lease, Inc. (NYSE:BNL) announced a quarterly dividend on Wednesday, May 1st, Wall Street Journal reports. Investors of record on Friday, June 28th will be paid 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 by an average of 57.3% per year over the last three years and has increased its dividend every year for the last 3 years. Broadstone Net Lease has a payout ratio of 156.8% 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 $1.42 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 81.7%.

Broadstone Net Lease Stock Performance

BNL opened at $15.24 on Friday. The stock has a market capitalization of $2.86 billion, a PE ratio of 15.88 and a beta of 1.10. Broadstone Net Lease has a 1 year low of $13.68 and a 1 year high of $17.59. The company’s 50 day simple moving average is $14.85 and its 200 day simple moving average is $15.56.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $105.37 million during the quarter, compared to the consensus estimate of $107.76 million. Broadstone Net Lease had a net margin of 42.23% and a return on equity of 5.59%. During the same quarter in the previous year, the company posted $0.34 earnings per share. As a group, sell-side analysts expect that Broadstone Net Lease will post 1.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on BNL shares. The Goldman Sachs Group started coverage on Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price target for the company. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. TheStreet cut Broadstone Net Lease from a “b-” rating to a “c+” rating in a report on Thursday, February 22nd. Finally, Truist Financial dropped their price objective on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.75.

Insiders Place Their Bets

In related news, Director Michael A. Coke purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average price of $14.67 per share, for a total transaction of $146,700.00. Following the purchase, the director now directly owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Kevin Fennell bought 4,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average cost of $14.63 per share, with a total value 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael A. Coke purchased 10,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $14.67 per share, with a total value of $146,700.00. Following the purchase, the director now directly owns 34,817 shares in the company, valued at approximately $510,765.39. The disclosure for this purchase can be found here. Company insiders own 0.62% of the company’s stock.

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.