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

Broadstone Net Lease (NYSE:BNL) posted 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. 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 EPS. Broadstone Net Lease updated its FY 2024 guidance to 1.410-1.430 EPS.

Broadstone Net Lease Stock Up 3.0 %

Shares of Broadstone Net Lease stock traded up $0.44 during trading on Thursday, hitting $15.06. The stock had a trading volume of 470,445 shares, compared to its average volume of 1,258,643. The stock has a 50 day simple moving average of $14.84 and a 200 day simple moving average of $15.57. The company has a market capitalization of $2.83 billion, a PE ratio of 17.82 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 firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.285 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.14 annualized dividend and a dividend yield of 7.57%. Broadstone Net Lease’s dividend payout ratio is currently 139.03%.

Insider Buying and Selling at Broadstone Net Lease

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on BNL shares. TheStreet cut shares of Broadstone Net Lease from a “b-” rating to a “c+” rating in a research report on Thursday, February 22nd. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. Truist Financial cut their price target 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. Finally, The Goldman Sachs Group started coverage on shares of Broadstone Net Lease in a research note on Thursday, March 7th. They set a “sell” rating and a $14.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.75.

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.