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

Key Points

• Broadstone Net Lease, Inc. has declared a quarterly dividend of $0.29 per share, with an annual yield of 7.1%, to be paid on October 15th.
• The company has a dividend payout ratio of 150.6%, indicating it currently relies on its balance sheet to cover dividend payments, though future earnings estimates suggest a potential improvement.
• Market analysts have varied ratings for BNL, with the consensus rating listed as "Hold" and a target price average of $18.57.

Broadstone Net Lease, Inc. (NYSE:BNL - Get Free Report) announced a quarterly dividend on Thursday, July 31st, Wall Street Journal reports. Shareholders of record on Tuesday, September 30th will be given a dividend of 0.29 per share on Wednesday, October 15th. This represents a c) annualized dividend and a yield of 7.0%. The ex-dividend date is Tuesday, September 30th.

Broadstone Net Lease has a payout ratio of 150.6% 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 $1.45 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 80.0%.

Broadstone Net Lease Stock Up 2.1%

NYSE:BNL traded up $0.35 during mid-day trading on Monday, hitting $16.58. 209,453 shares of the company traded hands, compared to its average volume of 1,446,778. The stock's fifty day moving average price is $16.06 and its 200-day moving average price is $16.10. Broadstone Net Lease has a one year low of $13.96 and a one year high of $19.15. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 31.88 and a beta of 1.00.

Hedge Funds Weigh In On Broadstone Net Lease

Large investors have recently made changes to their positions in the business. Federated Hermes Inc. lifted its position in shares of Broadstone Net Lease by 73,833.3% in the fourth quarter. Federated Hermes Inc. now owns 2,218 shares of the company's stock valued at $35,000 after acquiring an additional 2,215 shares in the last quarter. Wolff Wiese Magana LLC purchased a new stake in shares of Broadstone Net Lease in the second quarter worth about $45,000. Tower Research Capital LLC TRC lifted its position in shares of Broadstone Net Lease by 192.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,914 shares of the company's stock worth $46,000 after buying an additional 1,918 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Broadstone Net Lease in the fourth quarter worth about $54,000. Finally, Quarry LP purchased a new stake in shares of Broadstone Net Lease in the fourth quarter worth about $57,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

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.