Broadstone Net Lease (NYSE:BNL) Issues Earnings Results, Misses Estimates By $0.02 EPS

Broadstone Net Lease (NYSE:BNL) posted its quarterly earnings data on Wednesday. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.02), FiscalAI reports. The company had revenue of $121.87 million during the quarter, compared to analyst estimates of $122.19 million. Broadstone Net Lease had a return on equity of 4.83% and a net margin of 30.61%.

Broadstone Net Lease Stock Performance

Shares of Broadstone Net Lease stock traded up $0.50 on Thursday, reaching $17.36. 2,270,511 shares of the company’s stock were exchanged, compared to its average volume of 2,213,903. The company has a market capitalization of $3.33 billion, a P/E ratio of 22.82 and a beta of 0.91. The firm’s 50-day moving average is $19.30 and its two-hundred day moving average is $19.86. Broadstone Net Lease has a 52 week low of $16.70 and a 52 week high of $23.10.

Broadstone Net Lease Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be paid a dividend of $0.2950 per share. This is an increase from Broadstone Net Lease’s previous quarterly dividend of $0.2925. This represents a $1.18 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend is Thursday, December 31st. Broadstone Net Lease’s payout ratio is 153.95%.

Insider Activity at Broadstone Net Lease

In other Broadstone Net Lease news, Director Richard Imperiale acquired 5,000 shares of Broadstone Net Lease stock in a transaction dated Thursday, August 20th. The stock was purchased at an average cost of $21.22 per share, for a total transaction of $106,100.00. Following the completion of the acquisition, the director directly owned 26,250 shares of the company’s stock, valued at $557,025. This represents a 23.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.02% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

BNL has been the subject of several recent analyst reports. Cantor Fitzgerald raised their target price on Broadstone Net Lease from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. KeyCorp restated an “overweight” rating on shares of Broadstone Net Lease in a research report on Tuesday, September 15th. The Goldman Sachs Group raised their target price on shares of Broadstone Net Lease from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Saturday, August 1st. BMO Capital Markets increased their target price on Broadstone Net Lease from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Finally, Truist Financial raised shares of Broadstone Net Lease from a “hold” rating to a “buy” rating and decreased their price objective for the company from $22.00 to $21.00 in a research report on Thursday, October 1st. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.67.

Broadstone Net Lease Company Profile

Broadstone Net Lease, Inc (NYSE: BNL) is a real estate investment trust (REIT) that owns and manages a diversified portfolio of primarily single-tenant commercial properties. The company generally leases its properties under long-term, triple-net agreements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.

Broadstone’s portfolio includes properties used by healthcare providers, industrial and manufacturing companies, office-based businesses, restaurants and retail operators.