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) declared a quarterly dividend on Thursday, July 31st, Wall Street Journal reports. Stockholders of record on Tuesday, September 30th will be paid a dividend of 0.29 per share on Wednesday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date is Tuesday, September 30th.

Broadstone Net Lease has a payout ratio of 150.6% 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 $1.45 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 Price Performance

Shares of BNL remained flat at $16.24 during trading hours on Friday. 1,611,193 shares of the stock were exchanged, compared to its average volume of 1,281,443. The firm has a 50-day moving average of $16.06 and a 200 day moving average of $16.10. The stock has a market capitalization of $3.07 billion, a P/E ratio of 31.23 and a beta of 1.00. Broadstone Net Lease has a 1-year low of $13.96 and a 1-year high of $19.15.

Hedge Funds Weigh In On Broadstone Net Lease

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Broadstone Net Lease by 1.0% during the first quarter. Vanguard Group Inc. now owns 27,711,994 shares of the company's stock valued at $472,212,000 after purchasing an additional 266,900 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Broadstone Net Lease by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 4,860,444 shares of the company's stock valued at $77,103,000 after purchasing an additional 15,501 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Broadstone Net Lease by 1.1% during the first quarter. Alliancebernstein L.P. now owns 4,666,417 shares of the company's stock valued at $79,516,000 after purchasing an additional 51,754 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Broadstone Net Lease by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,145,709 shares of the company's stock valued at $53,603,000 after purchasing an additional 68,196 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Broadstone Net Lease by 20.0% during the fourth quarter. Northern Trust Corp now owns 2,464,544 shares of the company's stock valued at $39,088,000 after purchasing an additional 410,767 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

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.