Broadstone Net Lease (NYSE:BNL) Releases Earnings Results, Beats Estimates By $0.01 EPS

Broadstone Net Lease (NYSE:BNL) issued its quarterly earnings data on Wednesday. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01, Zacks reports. Broadstone Net Lease had a return on equity of 5.59% and a net margin of 42.23%. The company had revenue of $105.37 million during the quarter, compared to analyst estimates of $107.76 million. During the same quarter in the previous year, the company posted $0.34 earnings per share. Broadstone Net Lease updated its FY 2024 guidance to 1.410-1.430 EPS.

Broadstone Net Lease Stock Down 0.1 %

Broadstone Net Lease stock traded down $0.01 during midday trading on Friday, reaching $15.23. 853,423 shares of the stock traded hands, compared to its average volume of 1,139,439. Broadstone Net Lease has a 12 month low of $13.68 and a 12 month high of $17.59. The stock’s fifty day moving average is $14.86 and its 200-day moving average is $15.57. The stock has a market cap of $2.86 billion, a P/E ratio of 15.86 and a beta of 1.10.

Broadstone Net Lease Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 7.62%. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, June 28th. Broadstone Net Lease’s payout ratio is 118.75%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BNL. Truist Financial lowered their price objective on shares of Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating on the stock in a research note on Tuesday, February 27th. TheStreet lowered Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. The Goldman Sachs Group assumed coverage on Broadstone Net Lease in a report on Thursday, March 7th. They set a “sell” rating and a $14.00 price target for the company. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Broadstone Net Lease presently has a consensus rating of “Hold” and an average target price of $16.75.

Insider Transactions at Broadstone Net Lease

In other Broadstone Net Lease news, CFO Kevin Fennell purchased 4,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average price of $14.63 per share, with a total value of $58,520.00. Following the completion of the purchase, the chief financial officer now directly owns 63,556 shares in the company, valued at $929,824.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Michael A. Coke purchased 10,000 shares of the firm’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 acquisition, the director now 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 is available through this link. Also, CFO Kevin Fennell purchased 4,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was bought at an average price of $14.63 per share, with a total value of $58,520.00. Following the completion of the transaction, the chief financial officer now owns 63,556 shares of the company’s stock, valued at $929,824.28. The disclosure for this purchase can be found here. Insiders own 0.62% of the company’s stock.

Broadstone Net Lease Company Profile

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.