Broadstone Net Lease (NYSE:BNL) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• Broadstone Net Lease reported quarterly EPS of $0.14, missing the $0.16 analyst consensus by $0.02. Revenue totaled $121.87 million, slightly below expectations of $122.19 million.
• BNL shares fell to $16.80 during Wednesday trading, near the company’s 12-month low of $16.73 and below both its 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with eight Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $22.67.

Broadstone Net Lease (NYSE:BNL - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $0.14 EPS for the quarter, missing analysts' consensus estimates 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 net margin of 30.61% and a return on equity of 4.83%.

Broadstone Net Lease Stock Performance

Shares of NYSE:BNL traded down $0.38 during midday trading on Wednesday, hitting $16.80. 3,291,019 shares of the stock were exchanged, compared to its average volume of 2,208,436. The business's 50-day moving average price is $19.38 and its 200 day moving average price is $19.87. Broadstone Net Lease has a 12 month low of $16.73 and a 12 month high of $23.10. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 22.11 and a beta of 0.91.

Analyst Ratings Changes

Several research analysts have commented on BNL shares. Cantor Fitzgerald boosted their price objective on shares of Broadstone Net Lease from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Truist Financial upgraded Broadstone Net Lease from a "hold" rating to a "buy" rating and decreased their price target for the company from $22.00 to $21.00 in a research note on Thursday, October 1st. KeyCorp reissued an "overweight" rating on shares of Broadstone Net Lease in a report on Tuesday, September 15th. The Goldman Sachs Group boosted their price target on Broadstone Net Lease from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Saturday, August 1st. Finally, BMO Capital Markets upped their price objective on Broadstone Net Lease from $24.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, July 10th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Broadstone Net Lease presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.67.

Insider Transactions at Broadstone Net Lease

In other Broadstone Net Lease news, Director Richard Imperiale purchased 5,000 shares of the business's stock in a transaction dated Thursday, August 20th. The shares were bought at an average price of $21.22 per share, for a total transaction of $106,100.00. Following the completion of the acquisition, the director owned 26,250 shares in the company, valued at approximately $557,025. This trade represents a 23.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.02% of the company's stock.

About Broadstone Net Lease

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.

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