Broadstone Net Lease, Inc. (NYSE:BNL – Get Free Report) declared a quarterly dividend on Thursday, July 23rd. Investors of record on Wednesday, September 30th will be paid a dividend of $0.2925 per share on Thursday, October 15th. This represents a $1.17 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Wednesday, September 30th.
Broadstone Net Lease has raised its dividend by an average of 0.2%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Broadstone Net Lease has a dividend payout ratio of 151.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Broadstone Net Lease to earn $1.60 per share next year, which means the company should continue to be able to cover its $1.17 annual dividend with an expected future payout ratio of 73.1%.
Broadstone Net Lease Stock Up 0.1%
Broadstone Net Lease stock opened at $18.93 on Monday. The company’s 50-day moving average price is $20.93 and its two-hundred day moving average price is $20.45. The stock has a market cap of $3.63 billion, a P/E ratio of 24.91 and a beta of 0.91. Broadstone Net Lease has a twelve month low of $17.16 and a twelve month high of $23.10.
Analyst Upgrades and Downgrades
BNL has been the topic of several recent research reports. Truist Financial set a $22.00 price objective on Broadstone Net Lease in a research report on Monday, June 8th. BTIG Research increased their target price on shares of Broadstone Net Lease from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. The Goldman Sachs Group boosted their price target on Broadstone Net Lease from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Saturday, August 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Broadstone Net Lease in a report on Friday, July 31st. Finally, BMO Capital Markets increased their target price on Broadstone Net Lease from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Broadstone Net Lease currently has a consensus rating of “Moderate Buy” and an average price target of $22.78.
About Broadstone Net Lease
Broadstone Net Lease, Inc (NYSE: BNL) is a real estate investment trust (REIT) that owns and manages a diversified portfolio of primarily single-tenant commercial properties. The company leases these properties to businesses under long-term, net lease agreements, in which tenants generally assume responsibility for property taxes, insurance and maintenance.
Broadstone’s portfolio is diversified across industries and includes properties used for healthcare, industrial, office, retail, restaurant and other business purposes.
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