Essential Properties Realty Trust (NYSE:EPRT) Announces Quarterly Earnings Results

Essential Properties Realty Trust (NYSE:EPRT) posted its earnings results on Wednesday. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.13), Zacks reports. The firm had revenue of $109.30 million during the quarter, compared to analyst estimates of $102.99 million. Essential Properties Realty Trust had a return on equity of 6.28% and a net margin of 48.12%. The company’s revenue for the quarter was up 26.4% on a year-over-year basis. During the same quarter last year, the business posted $0.41 earnings per share. Essential Properties Realty Trust updated its FY 2024 guidance to 1.720-1.750 EPS.

Essential Properties Realty Trust Stock Up 1.5 %

EPRT stock traded up $0.45 during mid-day trading on Friday, reaching $30.39. The company had a trading volume of 977,477 shares, compared to its average volume of 1,383,496. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of 24.72, a PEG ratio of 2.28 and a beta of 1.35. Essential Properties Realty Trust has a 52 week low of $20.49 and a 52 week high of $31.23. The stock has a 50 day simple moving average of $28.07 and a two-hundred day simple moving average of $26.38. The company has a debt-to-equity ratio of 0.59, a current ratio of 4.90 and a quick ratio of 7.61.

Essential Properties Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.29 per share. The ex-dividend date was Friday, June 28th. This is a boost from Essential Properties Realty Trust’s previous quarterly dividend of $0.29. This represents a $1.16 annualized dividend and a yield of 3.82%. Essential Properties Realty Trust’s dividend payout ratio is 94.31%.

Insider Transactions at Essential Properties Realty Trust

In other Essential Properties Realty Trust news, CEO Peter M. Mavoides sold 1,200 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $28.00, for a total value of $33,600.00. Following the completion of the sale, the chief executive officer now owns 513,264 shares in the company, valued at $14,371,392. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Stephen D. Sautel sold 25,000 shares of Essential Properties Realty Trust stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $27.09, for a total transaction of $677,250.00. Following the completion of the transaction, the director now directly owns 247,492 shares in the company, valued at approximately $6,704,558.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter M. Mavoides sold 1,200 shares of Essential Properties Realty Trust stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $28.00, for a total transaction of $33,600.00. Following the transaction, the chief executive officer now directly owns 513,264 shares of the company’s stock, valued at $14,371,392. The disclosure for this sale can be found here. Insiders have sold a total of 59,775 shares of company stock worth $1,641,734 in the last 90 days. Corporate insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

EPRT has been the topic of a number of research analyst reports. Stifel Nicolaus raised their price target on Essential Properties Realty Trust from $31.25 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Evercore ISI downgraded shares of Essential Properties Realty Trust from an “outperform” rating to an “in-line” rating and raised their target price for the stock from $30.00 to $32.00 in a report on Wednesday, July 17th. The Goldman Sachs Group assumed coverage on shares of Essential Properties Realty Trust in a report on Friday, June 28th. They issued a “buy” rating and a $33.00 price target for the company. Mizuho raised their price objective on shares of Essential Properties Realty Trust from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, Scotiabank upped their target price on shares of Essential Properties Realty Trust from $26.00 to $28.00 and gave the stock a “sector perform” rating in a research note on Wednesday, May 29th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.04.

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.