Essential Properties Realty Trust (NYSE:EPRT) Posts Earnings Results

Essential Properties Realty Trust (NYSE:EPRT) announced its earnings results on Wednesday. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.13), Zacks reports. Essential Properties Realty Trust had a net margin of 51.34% and a return on equity of 6.56%. The business had revenue of $109.30 million during the quarter, compared to analyst estimates of $102.99 million. During the same period in the previous year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 26.4% on a year-over-year basis. Essential Properties Realty Trust updated its FY 2024 guidance to 1.720-1.750 EPS.

Essential Properties Realty Trust Stock Performance

Shares of Essential Properties Realty Trust stock traded down $0.43 on Thursday, reaching $29.94. 2,095,838 shares of the company were exchanged, compared to its average volume of 1,374,305. The company has a debt-to-equity ratio of 0.51, a quick ratio of 7.61 and a current ratio of 7.61. The company’s 50-day moving average is $28.01 and its two-hundred day moving average is $26.35. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of 24.34, a P/E/G ratio of 2.36 and a beta of 1.35. Essential Properties Realty Trust has a 1-year low of $20.49 and a 1-year high of $31.23.

Essential Properties Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.87%. This is a boost from Essential Properties Realty Trust’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Friday, June 28th. Essential Properties Realty Trust’s dividend payout ratio is presently 94.31%.

Insider Buying and Selling

In related news, CEO Peter M. Mavoides sold 20,863 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $27.54, for a total value of $574,567.02. Following the completion of the transaction, the chief executive officer now directly owns 514,464 shares of the company’s stock, valued at approximately $14,168,338.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Peter M. Mavoides sold 20,863 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $27.54, for a total value of $574,567.02. Following the completion of the transaction, the chief executive officer now directly owns 514,464 shares of the company’s stock, valued at approximately $14,168,338.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter M. Mavoides sold 12,712 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $28.03, for a total value of $356,317.36. Following the completion of the transaction, the chief executive officer now directly owns 500,552 shares of the company’s stock, valued at $14,030,472.56. The disclosure for this sale can be found here. Insiders sold 59,775 shares of company stock valued at $1,641,734 in the last three months. 0.81% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

EPRT has been the subject of several research analyst reports. Mizuho boosted their price objective on Essential Properties Realty Trust from $26.00 to $29.00 and gave the company a “buy” rating in a report on Friday, May 10th. UBS Group upped their price objective on Essential Properties Realty Trust from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Scotiabank upped their price objective on Essential Properties Realty Trust from $26.00 to $28.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 29th. Evercore ISI cut Essential Properties Realty Trust from an “outperform” rating to an “in-line” rating and upped their price objective for the company from $30.00 to $32.00 in a research note on Wednesday, July 17th. Finally, The Goldman Sachs Group initiated coverage on Essential Properties Realty Trust in a research note on Friday, June 28th. They set a “buy” rating and a $33.00 price objective on the stock. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.