Essential Properties Realty Trust (NYSE:EPRT – Get Free Report) 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
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.
Read Our Latest Report on EPRT
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.
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