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

Broadstone Net Lease (NYSE:BNL) issued its earnings results on Wednesday. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01, Zacks reports. Broadstone Net Lease had a return on equity of 4.80% and a net margin of 35.10%. The business had revenue of $105.37 million for the quarter, compared to analysts’ expectations of $107.76 million. During the same period in the previous year, the firm posted $0.34 EPS. Broadstone Net Lease updated its FY 2024 guidance to 1.410-1.430 EPS.

Broadstone Net Lease Stock Up 3.2 %

Shares of Broadstone Net Lease stock traded up $0.47 during trading on Thursday, hitting $15.09. 779,706 shares of the company were exchanged, compared to its average volume of 1,262,779. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 18.37 and a beta of 1.10. The firm has a 50 day moving average price of $14.84 and a 200 day moving average price of $15.57. Broadstone Net Lease has a fifty-two week low of $13.68 and a fifty-two week high of $17.59.

Broadstone Net Lease Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a dividend of $0.285 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 annualized dividend and a yield of 7.55%. Broadstone Net Lease’s dividend payout ratio is presently 139.03%.

Insiders Place Their Bets

In other news, CFO Kevin Fennell bought 4,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was acquired at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the acquisition, the chief financial officer now owns 63,556 shares of the company’s stock, valued at $929,824.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Kevin Fennell bought 4,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was bought at an average price of $14.63 per share, for a total transaction of $58,520.00. Following the transaction, the chief financial officer now owns 63,556 shares in the company, valued at $929,824.28. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael A. Coke purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was bought at an average cost of $14.67 per share, for a total transaction of $146,700.00. Following the acquisition, the director now owns 34,817 shares in the company, valued at approximately $510,765.39. The disclosure for this purchase can be found here. 0.62% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BNL has been the subject of a number of analyst reports. Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. Truist Financial dropped their price objective on Broadstone Net Lease from $18.00 to $17.00 and set a “hold” rating for the company in a research note on Tuesday, February 27th. TheStreet cut shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. Finally, The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a research note on Thursday, March 7th. They issued a “sell” rating and a $14.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $16.75.

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.