Broadstone Net Lease (NYSE:BNL) Announces Quarterly Earnings Results

Broadstone Net Lease (NYSE:BNL - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01, Zacks reports. The business had revenue of $105.37 million for the quarter, compared to analysts' expectations 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 in the prior 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 Stock Up 4.2 %

Broadstone Net Lease stock traded up $0.62 during mid-day trading on Thursday, hitting $15.24. The company had a trading volume of 2,356,052 shares, compared to its average volume of 1,281,682. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 18.37 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. The business has a fifty day moving average of $14.84 and a 200 day moving average of $15.57.

Broadstone Net Lease Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.29 dividend. This is a positive change from Broadstone Net Lease's previous quarterly dividend of $0.29. This represents a $1.16 annualized dividend and a yield of 7.61%. The ex-dividend date of this dividend is Friday, June 28th. Broadstone Net Lease's dividend payout ratio is currently 139.03%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Broadstone Net Lease in a report on Thursday, March 7th. They issued a "sell" rating and a $14.00 target price on the stock. TheStreet cut shares of Broadstone Net Lease from a "b-" rating to a "c+" rating in a report on Thursday, February 22nd. Truist Financial reduced their target price on shares of Broadstone Net Lease from $18.00 to $17.00 and set a "hold" rating on the stock in a report on Tuesday, February 27th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Broadstone Net Lease in a report on Tuesday, April 9th. One 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 data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $16.75.

Insider Transactions at Broadstone Net Lease

In other Broadstone Net Lease news, CFO Kevin Fennell bought 4,000 shares of the stock in a transaction dated Monday, February 26th. The shares were acquired 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 approximately $929,824.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Michael A. Coke purchased 10,000 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average cost of $14.67 per share, with a total value of $146,700.00. Following the completion of the acquisition, the director now directly owns 34,817 shares in the company, valued at $510,765.39. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kevin Fennell bought 4,000 shares of Broadstone Net Lease stock in a transaction on Monday, February 26th. The stock was 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 owns 63,556 shares of the company's stock, valued at approximately $929,824.28. The disclosure for this purchase can be found here. Insiders own 0.62% of the company's stock.

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.