Broadstone Net Lease (NYSE:BNL) Updates FY 2024 Earnings Guidance

Broadstone Net Lease (NYSE:BNL) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 1.410-1.430 for the period, compared to the consensus estimate of 1.480. The company issued revenue guidance of -.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BNL shares. Wolfe Research reaffirmed a peer perform rating on shares of Broadstone Net Lease in a research note on Tuesday, April 9th. KeyCorp initiated coverage on Broadstone Net Lease in a research report on Wednesday, June 12th. They issued a sector weight rating on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Broadstone Net Lease currently has a consensus rating of Hold and an average target price of $16.75.

Broadstone Net Lease Stock Down 0.3 %

Shares of BNL stock traded down $0.06 during mid-day trading on Tuesday, reaching $17.97. The company’s stock had a trading volume of 2,329,589 shares, compared to its average volume of 1,212,804. The firm has a market capitalization of $3.39 billion, a PE ratio of 18.72 and a beta of 1.11. The company’s 50 day simple moving average is $16.02 and its 200-day simple moving average is $15.57. Broadstone Net Lease has a 12-month low of $13.68 and a 12-month high of $18.10.

Broadstone Net Lease (NYSE:BNL) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. Broadstone Net Lease had a return on equity of 5.60% and a net margin of 42.23%. The company had revenue of $105.37 million for the quarter, compared to analyst estimates of $107.76 million. During the same period last year, the company posted $0.34 earnings per share. As a group, research analysts anticipate that Broadstone Net Lease will post 1.39 EPS for the current fiscal year.

Broadstone Net Lease Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $0.29 per share. This is a boost from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 dividend on an annualized basis and a dividend yield of 6.46%. The ex-dividend date of this dividend was Friday, June 28th. Broadstone Net Lease’s payout ratio is presently 120.83%.

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.