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

Broadstone Net Lease Trading Up 3.5 %

Shares of Broadstone Net Lease stock traded up $0.51 on Thursday, hitting $15.13. The stock had a trading volume of 808,162 shares, compared to its average volume of 1,263,159. The company’s 50 day moving average price is $14.84 and its 200 day moving average price is $15.57. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 18.37 and a beta of 1.10. Broadstone Net Lease has a 52-week low of $13.68 and a 52-week high of $17.59.

Broadstone Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.53%. The ex-dividend date was Wednesday, March 27th. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 139.03%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Broadstone Net Lease news, CFO Kevin Fennell bought 4,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were acquired 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 directly owns 63,556 shares of the company’s stock, valued at approximately $929,824.28. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Michael A. Coke purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average price of $14.67 per share, for a total transaction of $146,700.00. Following the transaction, the director now directly owns 34,817 shares of the company’s stock, valued at approximately $510,765.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin Fennell acquired 4,000 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were bought at an average cost of $14.63 per share, with a total value of $58,520.00. Following the completion of the transaction, the chief financial officer now directly 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 company 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.