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

Broadstone Net Lease (NYSE:BNL) released its quarterly earnings results on Tuesday. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.15), Yahoo Finance reports. Broadstone Net Lease had a net margin of 36.78% and a return on equity of 4.85%. The company had revenue of $105.91 million for the quarter, compared to the consensus estimate of $105.95 million. During the same period last year, the company earned $0.35 earnings per share. Broadstone Net Lease updated its FY 2024 guidance to 1.410-1.430 EPS.

Broadstone Net Lease Price Performance

NYSE:BNL traded down $0.17 on Thursday, reaching $17.24. 915,419 shares of the company’s stock were exchanged, compared to its average volume of 1,214,830. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 18.10 and a beta of 1.11. Broadstone Net Lease has a 52 week low of $13.68 and a 52 week high of $18.10. The stock has a fifty day simple moving average of $16.02 and a 200-day simple moving average of $15.57.

Broadstone Net Lease Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 6.73%. Broadstone Net Lease’s payout ratio is currently 120.83%.

Analyst Ratings Changes

A number of brokerages recently commented on BNL. KeyCorp assumed coverage on shares of Broadstone Net Lease in a report on Wednesday, June 12th. They set a “sector weight” rating on the stock. Wolfe Research reiterated a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.75.

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.