Bloomin’ Brands, Inc. (NASDAQ:BLMN) Declares $0.24 Quarterly Dividend

Bloomin’ Brands, Inc. (NASDAQ:BLMN) declared a quarterly dividend on Wednesday, August 7th, Wall Street Journal reports. Stockholders of record on Tuesday, August 20th will be paid a dividend of 0.24 per share by the restaurant operator on Wednesday, September 4th. This represents a $0.96 annualized dividend and a dividend yield of 5.66%. The ex-dividend date is Tuesday, August 20th.

Bloomin’ Brands has increased its dividend by an average of 68.7% annually over the last three years. Bloomin’ Brands has a payout ratio of 36.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Bloomin’ Brands to earn $2.59 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 37.1%.

Bloomin’ Brands Trading Down 0.2 %

NASDAQ BLMN traded down $0.03 on Wednesday, hitting $16.95. 1,543,951 shares of the company were exchanged, compared to its average volume of 1,485,369. The company’s 50 day moving average price is $19.26 and its 200-day moving average price is $23.96. The firm has a market capitalization of $1.47 billion, a P/E ratio of 26.80 and a beta of 2.04. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.33 and a quick ratio of 0.26. Bloomin’ Brands has a twelve month low of $16.20 and a twelve month high of $30.13.

Bloomin’ Brands (NASDAQ:BLMN) last released its quarterly earnings data on Tuesday, August 6th. The restaurant operator reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.07). Bloomin’ Brands had a net margin of 1.56% and a return on equity of 65.73%. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the firm posted $0.74 EPS. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Analysts predict that Bloomin’ Brands will post 2.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BLMN shares. Deutsche Bank Aktiengesellschaft lowered their price objective on Bloomin’ Brands from $26.00 to $19.00 and set a “hold” rating on the stock in a research report on Wednesday. BMO Capital Markets cut their target price on shares of Bloomin’ Brands from $27.00 to $20.00 and set a “market perform” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. reduced their price objective on shares of Bloomin’ Brands from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 28th. Morgan Stanley cut their price target on Bloomin’ Brands from $26.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Finally, UBS Group dropped their price objective on Bloomin’ Brands from $26.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $23.33.

About Bloomin’ Brands

Bloomin' Brands, Inc, through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, U.S. and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba's Italian Grill, a casual Italian restaurant; Bonefish Grill; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse.