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 (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $107.76 million. During the same period in the previous 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 Price Performance

Shares of NYSE:BNL traded up $0.44 during trading on Thursday, reaching $15.06. The company had a trading volume of 470,445 shares, compared to its average volume of 1,258,643. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 17.82 and a beta of 1.10. The stock’s fifty day moving average price is $14.84 and its 200 day moving average price is $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 declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 7.57%. The ex-dividend date of this dividend was Wednesday, March 27th. Broadstone Net Lease’s dividend payout ratio (DPR) is 139.03%.

Analysts Set New Price Targets

A number of analysts recently weighed in on BNL shares. Truist Financial lowered their price objective on shares of 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. The Goldman Sachs Group began 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. TheStreet lowered shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. Finally, Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a research report 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. According to data from MarketBeat, Broadstone Net Lease currently has a consensus rating of “Hold” and a consensus price target of $16.75.

Insiders Place Their Bets

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

About Broadstone Net Lease

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.