Broadstone Net Lease (NYSE:BNL) Posts Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Broadstone Net Lease (NYSE:BNL) posted its quarterly earnings results on Tuesday. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $105.95 million. During the same quarter 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

Shares of NYSE:BNL traded down $0.07 during mid-day trading on Thursday, reaching $17.34. 395,897 shares of the company were exchanged, compared to its average volume of 1,211,296. Broadstone Net Lease has a 1 year low of $13.68 and a 1 year high of $18.10. The firm’s 50-day simple moving average is $16.02 and its 200 day simple moving average is $15.57. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 18.14 and a beta of 1.11.

Broadstone Net Lease Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.69%. The ex-dividend date is Monday, September 30th. Broadstone Net Lease’s dividend payout ratio (DPR) is 120.83%.

Analysts Set New Price Targets

Several analysts have issued reports on BNL shares. KeyCorp assumed coverage on Broadstone Net Lease in a report on Wednesday, June 12th. They issued a “sector weight” rating for the company. Wolfe Research reaffirmed a “peer perform” rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. One 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, the stock presently has a consensus rating of “Hold” and an average target price 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.