Essential Properties Realty Trust, Inc. (NYSE:EPRT) Raises Dividend to $0.27 Per Share

Essential Properties Realty Trust, Inc. (NYSE:EPRTGet Rating) announced a quarterly dividend on Monday, June 6th, Zacks reports. Shareholders of record on Thursday, June 30th will be paid a dividend of 0.27 per share on Thursday, July 14th. This represents a $1.08 annualized dividend and a yield of 4.70%. The ex-dividend date of this dividend is Wednesday, June 29th. This is a boost from Essential Properties Realty Trust’s previous quarterly dividend of $0.26.

Essential Properties Realty Trust has raised its dividend by an average of 32.1% per year over the last three years and has raised its dividend every year for the last 3 years. Essential Properties Realty Trust has a dividend payout ratio of 110.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Essential Properties Realty Trust to earn $1.65 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 63.0%.

NYSE EPRT opened at $22.99 on Tuesday. The company’s 50 day moving average is $24.05 and its 200-day moving average is $25.60. Essential Properties Realty Trust has a 12-month low of $21.31 and a 12-month high of $32.92. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.53. The firm has a market cap of $3.02 billion, a P/E ratio of 26.13, a price-to-earnings-growth ratio of 2.04 and a beta of 1.35.

A number of equities analysts have commented on the stock. Raymond James cut their price target on shares of Essential Properties Realty Trust from $34.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, March 11th. LADENBURG THALM/SH SH upped their price objective on shares of Essential Properties Realty Trust from $27.00 to $28.50 in a research note on Tuesday, March 1st. Truist Financial cut their price objective on shares of Essential Properties Realty Trust from $32.00 to $28.00 and set a “na” rating for the company in a research note on Monday, May 16th. The Goldman Sachs Group cut shares of Essential Properties Realty Trust from a “buy” rating to a “neutral” rating and dropped their price target for the company from $31.00 to $26.00 in a research report on Wednesday, May 25th. Finally, Zacks Investment Research cut shares of Essential Properties Realty Trust from a “buy” rating to a “hold” rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $29.39.

Several institutional investors have recently modified their holdings of EPRT. Dynamic Technology Lab Private Ltd purchased a new stake in Essential Properties Realty Trust during the 1st quarter valued at about $212,000. Cetera Advisor Networks LLC grew its position in Essential Properties Realty Trust by 49.1% during the 1st quarter. Cetera Advisor Networks LLC now owns 10,705 shares of the company’s stock valued at $271,000 after purchasing an additional 3,525 shares during the last quarter. Jane Street Group LLC purchased a new stake in Essential Properties Realty Trust during the 1st quarter valued at about $284,000. Mackenzie Financial Corp grew its position in Essential Properties Realty Trust by 44.3% during the 1st quarter. Mackenzie Financial Corp now owns 11,836 shares of the company’s stock valued at $299,000 after purchasing an additional 3,633 shares during the last quarter. Finally, Guggenheim Capital LLC purchased a new stake in Essential Properties Realty Trust during the 1st quarter valued at about $326,000. Institutional investors own 95.24% of the company’s stock.

About Essential Properties Realty Trust (Get Rating)

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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Dividend History for Essential Properties Realty Trust (NYSE:EPRT)

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