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

Essential Properties Realty Trust (NYSE:EPRT) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.72-$1.75 for the period, compared to the consensus estimate of $1.86. Essential Properties Realty Trust also updated its FY 2024 guidance to 1.720-1.750 EPS.

Essential Properties Realty Trust Stock Down 1.7 %

Shares of EPRT stock traded down $0.45 on Thursday, reaching $25.88. 938,739 shares of the company were exchanged, compared to its average volume of 1,332,598. The company has a market cap of $4.38 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.94 and a beta of 1.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 5.01 and a quick ratio of 5.01. Essential Properties Realty Trust has a one year low of $20.49 and a one year high of $26.77. The company has a 50-day moving average of $25.27 and a 200-day moving average of $24.45.

Essential Properties Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors 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 dividend yield of 4.40%. The ex-dividend date of this dividend was Wednesday, March 27th. Essential Properties Realty Trust’s payout ratio is currently 91.94%.

Analysts Set New Price Targets

EPRT has been the topic of several recent analyst reports. BMO Capital Markets began coverage on shares of Essential Properties Realty Trust in a report on Tuesday, February 13th. They issued an outperform rating and a $29.00 price target on the stock. Raymond James increased their target price on Essential Properties Realty Trust from $28.00 to $29.00 and gave the stock an outperform rating in a research report on Monday, January 8th. Stifel Nicolaus increased their price objective on Essential Properties Realty Trust from $27.00 to $27.50 and gave the stock a buy rating in a report on Tuesday, March 19th. B. Riley reaffirmed a buy rating and issued a $29.00 target price (up from $27.50) on shares of Essential Properties Realty Trust in a research report on Wednesday, March 13th. Finally, Citigroup raised shares of Essential Properties Realty Trust from a neutral rating to a buy rating and raised their target price for the company from $25.00 to $28.50 in a research note on Friday, March 22nd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of Buy and an average price target of $28.22.

Insider Activity

In other news, CEO Peter M. Mavoides sold 11,904 shares of the 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 completion of the sale, the chief executive officer now owns 571,606 shares in the company, valued at approximately $13,918,606.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Essential Properties Realty Trust news, CEO Peter M. Mavoides sold 17,618 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $24.90, for a total transaction of $438,688.20. Following the completion of the transaction, the chief executive officer now owns 353,303 shares of the company’s stock, valued at $8,797,244.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter M. Mavoides sold 11,904 shares of Essential Properties Realty Trust stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $24.35, for a total value of $289,862.40. Following the completion of the sale, the chief executive officer now directly owns 571,606 shares in the company, valued at $13,918,606.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,524 shares of company stock worth $1,113,438. 0.81% of the stock is currently owned by corporate insiders.

Essential Properties Realty Trust Company Profile

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.