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 $1.89. Essential Properties Realty Trust also updated its FY 2024 guidance to 1.840-1.890 EPS.

Analyst Upgrades and Downgrades

EPRT has been the topic of a number of analyst reports. The Goldman Sachs Group started 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. UBS Group raised their price objective on shares of Essential Properties Realty Trust from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Raymond James upped their target price on shares of Essential Properties Realty Trust from $28.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Truist Financial increased their target price on shares of Essential Properties Realty Trust from $33.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Finally, Scotiabank increased their price objective on Essential Properties Realty Trust from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, October 11th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.06.

Essential Properties Realty Trust Price Performance

NYSE:EPRT traded up $0.05 during mid-day trading on Wednesday, reaching $33.87. The stock had a trading volume of 538,977 shares, compared to its average volume of 1,343,203. The stock has a market capitalization of $5.94 billion, a P/E ratio of 27.50, a P/E/G ratio of 2.78 and a beta of 1.37. The firm has a 50 day moving average price of $32.56 and a two-hundred day moving average price of $29.39. The company has a debt-to-equity ratio of 0.59, a quick ratio of 4.90 and a current ratio of 4.90. Essential Properties Realty Trust has a one year low of $20.61 and a one year high of $34.51.

Essential Properties Realty Trust (NYSE:EPRT) last released its earnings results on Wednesday, July 24th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.13). Essential Properties Realty Trust had a net margin of 48.12% and a return on equity of 6.28%. The business had revenue of $109.30 million for the quarter, compared to the consensus estimate of $102.99 million. During the same period in the prior year, the business posted $0.41 EPS. Essential Properties Realty Trust’s revenue for the quarter was up 26.4% on a year-over-year basis. As a group, analysts expect that Essential Properties Realty Trust will post 1.68 earnings per share for the current year.

Essential Properties Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $0.29 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.42%. Essential Properties Realty Trust’s dividend payout ratio is currently 94.31%.

Insider Activity

In other Essential Properties Realty Trust news, CEO Peter M. Mavoides sold 27,817 shares of Essential Properties Realty Trust stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $32.33, for a total value of $899,323.61. Following the transaction, the chief executive officer now directly owns 446,076 shares of the company’s stock, valued at $14,421,637.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is currently owned by corporate insiders.

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.