Essential Properties Realty Trust (NYSE:EPRT) Releases FY24 Earnings Guidance

Essential Properties Realty Trust (NYSE:EPRT) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.72-$1.75 for the period, compared to the consensus earnings per share estimate of $1.86.

Analysts Set New Price Targets

A number of brokerages have issued reports on EPRT. BMO Capital Markets began coverage on shares of Essential Properties Realty Trust in a research note on Tuesday, February 13th. They set an outperform rating and a $29.00 price target on the stock. B. Riley restated a buy rating and set a $29.00 price target (up previously from $27.50) on shares of Essential Properties Realty Trust in a research note on Wednesday, March 13th. Mizuho cut their price target on shares of Essential Properties Realty Trust from $27.00 to $26.00 and set a buy rating on the stock in a research note on Thursday, March 7th. Citigroup raised shares of Essential Properties Realty Trust from a neutral rating to a buy rating and upped their price objective for the company from $25.00 to $28.50 in a report on Friday, March 22nd. Finally, Stifel Nicolaus upped their price objective on shares of Essential Properties Realty Trust from $27.00 to $27.50 and gave the company a buy rating in a report on Tuesday, March 19th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of Buy and an average target price of $28.22.

Essential Properties Realty Trust Price Performance

Shares of NYSE EPRT traded up $0.05 during mid-day trading on Wednesday, reaching $26.33. The company’s stock had a trading volume of 1,189,735 shares, compared to its average volume of 1,337,136. The stock has a 50-day moving average of $25.23 and a two-hundred day moving average of $24.44. The stock has a market capitalization of $4.46 billion, a P/E ratio of 21.19, a P/E/G ratio of 1.91 and a beta of 1.27. The company has a debt-to-equity ratio of 0.56, a quick ratio of 5.01 and a current ratio of 5.01. Essential Properties Realty Trust has a 1-year low of $20.49 and a 1-year high of $26.77.

Essential Properties Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend was Wednesday, March 27th. Essential Properties Realty Trust’s dividend payout ratio (DPR) is presently 91.94%.

Insider Activity

In related news, CEO Peter M. Mavoides sold 11,904 shares of Essential Properties Realty Trust stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $24.35, for a total value of $289,862.40. Following the completion of the transaction, the chief executive officer now owns 571,606 shares in the company, valued at $13,918,606.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Essential Properties Realty Trust news, CEO Peter M. Mavoides sold 5,714 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $25.08, for a total transaction of $143,307.12. Following the completion of the transaction, the chief executive officer now owns 565,892 shares in the company, valued at approximately $14,192,571.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Peter M. Mavoides sold 11,904 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $24.35, for a total transaction of $289,862.40. Following the transaction, the chief executive officer now owns 571,606 shares of the company’s stock, valued at approximately $13,918,606.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,524 shares of company stock valued at $1,113,438. Company insiders own 0.81% of the company’s stock.

About Essential Properties Realty Trust

Essential Properties Realty Trust, Inc, a real estate company, acquires, owns, and manages single-tenant properties in the United States. The company leases its properties to middle-market companies, such as restaurants, car washes, automotive services, medical and dental services, convenience stores, equipment rental, entertainment, early childhood education, grocery, and health and fitness on a long-term basis.