Broadstone Net Lease (NYSE:BNL) Issues Earnings Results

Broadstone Net Lease (NYSE:BNL) released its quarterly earnings results on Wednesday. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01, Zacks reports. The firm had revenue of $105.37 million during the quarter, compared to the consensus estimate of $107.76 million. Broadstone Net Lease had a net margin of 35.10% and a return on equity of 4.80%. During the same quarter last year, the firm earned $0.34 earnings per share. Broadstone Net Lease updated its FY 2024 guidance to 1.410-1.430 EPS.

Broadstone Net Lease Stock Performance

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

Broadstone Net Lease Dividend Announcement

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

Wall Street Analysts Forecast Growth

BNL has been the topic of a number of research analyst reports. The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a research report on Thursday, March 7th. They set a “sell” rating and a $14.00 price target on the stock. Truist Financial dropped 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 report on Tuesday, February 27th. Wolfe Research restated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. Finally, TheStreet downgraded Broadstone Net Lease from a “b-” rating to a “c+” rating in a research note on Thursday, February 22nd. 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 company’s stock. Based on data from MarketBeat.com, Broadstone Net Lease has a consensus rating of “Hold” and an average price target of $16.75.

Insiders Place Their Bets

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

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.