Essential Properties Realty Trust (NYSE:EPRT) Lifted to “Buy” at Bank of America

Bank of America upgraded shares of Essential Properties Realty Trust (NYSE:EPRT) from an underperform rating to a buy rating in a report issued on Tuesday, BenzingaRatingsTable reports. The firm currently has $23.00 price target on the stock, up from their previous price target of $20.00.

Several other research firms also recently weighed in on EPRT. Zacks Investment Research upgraded Essential Properties Realty Trust from a hold rating to a buy rating and set a $19.00 target price on the stock in a research report on Wednesday, March 6th. Barclays restated a hold rating and issued a $18.00 target price on shares of Essential Properties Realty Trust in a research report on Tuesday, April 16th. Boenning Scattergood restated a buy rating on shares of Essential Properties Realty Trust in a research report on Friday, March 1st. Credit Suisse Group raised their target price on Essential Properties Realty Trust from $18.00 to $19.00 and gave the company an outperform rating in a research report on Tuesday, March 19th. Finally, Berenberg Bank started coverage on Essential Properties Realty Trust in a research report on Tuesday, April 23rd. They issued a buy rating on the stock. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Essential Properties Realty Trust presently has an average rating of Buy and a consensus price target of $19.22.

Shares of EPRT stock opened at $20.93 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 12.94 and a quick ratio of 12.94. Essential Properties Realty Trust has a 12-month low of $13.05 and a 12-month high of $21.68.

Essential Properties Realty Trust (NYSE:EPRT) last released its earnings results on Wednesday, May 8th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.14). The firm had revenue of $31.11 million during the quarter, compared to analysts’ expectations of $29.27 million. Essential Properties Realty Trust had a net margin of 19.25% and a return on equity of 2.40%. Sell-side analysts expect that Essential Properties Realty Trust will post 1.16 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Thursday, June 27th. This is a boost from Essential Properties Realty Trust’s previous quarterly dividend of $0.21.

Several large investors have recently bought and sold shares of the stock. Security Benefit Life Insurance Co. KS acquired a new stake in shares of Essential Properties Realty Trust in the fourth quarter valued at approximately $107,675,000. Deutsche Bank AG increased its holdings in shares of Essential Properties Realty Trust by 10.8% in the fourth quarter. Deutsche Bank AG now owns 3,488,567 shares of the company’s stock valued at $48,279,000 after purchasing an additional 340,509 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Essential Properties Realty Trust by 2.2% in the first quarter. BlackRock Inc. now owns 3,057,848 shares of the company’s stock valued at $59,689,000 after purchasing an additional 66,281 shares during the last quarter. Frontier Capital Management Co. LLC increased its holdings in shares of Essential Properties Realty Trust by 95.3% in the first quarter. Frontier Capital Management Co. LLC now owns 2,618,836 shares of the company’s stock valued at $51,120,000 after purchasing an additional 1,277,600 shares during the last quarter. Finally, Brown Advisory Inc. acquired a new stake in shares of Essential Properties Realty Trust in the fourth quarter valued at approximately $30,751,000. 76.03% of the stock is owned by hedge funds and other institutional investors.

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 services, convenience stores, entertainment, early childhood education, and health and fitness on a long-term basis.

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Analyst Recommendations for Essential Properties Realty Trust (NYSE:EPRT)

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