Essential Properties Realty (NYSE:EPRT) Trust, Inc.'s (NYSE:EPRT) President and CEO, Peter M. Mavoides, has sold 20,869 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $27.56, resulting in a total transaction value of approximately $575,149.
The sale took place on June 17, 2024, and was executed under a Rule 10b5-1 trading plan, which was previously adopted by Mavoides on March 14, 2024. Rule 10b5-1 trading plans allow company insiders to sell a predetermined number of shares at a predetermined time to avoid accusations of insider trading.
The transactions occurred at prices ranging from $27.40 to $27.63 per share. Following the sale, Mavoides still owns a substantial number of shares in the company, with his holdings totaling 535,327 shares of Essential Properties Realty Trust , Inc. after the transaction.
Investors and shareholders may request more detailed information about the sale from Mavoides, including the exact number of shares sold at each price within the stated range.
Essential Properties Realty Trust, Inc., based in Princeton, NJ, operates as a real estate investment trust, focusing on acquiring, owning, and managing single-tenant properties that are leased to retail and service-oriented businesses.
In other recent news, Essential Properties Realty Trust has been the subject of several analyst updates. UBS initiated coverage on Essential Properties with a Buy rating, predicting significant acquisition opportunities in 2024 and 2025 that could yield considerable growth in adjusted funds from operations (AFFO). UBS also highlighted the company's protective measures against bankruptcy risk and projected an AFFO growth rate of 7.8% for Essential Properties, surpassing the 2.5% average among peers.
Scotiabank increased its price target for Essential Properties from $26 to $28, maintaining a Sector Perform rating. The firm acknowledged the company's ability to execute accretive deals, with a record first-quarter transaction volume of approximately $249 million. Scotiabank anticipates Essential Properties will maintain its current investment pace throughout the year, contributing to a forecasted growth in AFFOPS of 5.2% in 2024 and 7.3% in 2025.
B.Riley adjusted the price target for Essential Properties to $29.50 from $29.00, maintaining a Buy rating. The analyst noted that Essential Properties trades at the highest estimated AFFO per share multiple among its peers but also has the highest expected AFFO per share growth for 2025. Essential Properties demonstrated its ability to scale investment activity in the uncertain interest rate environment of the first quarter of 2024, reporting record investment volumes for a first quarter. The company's financial position supports continued growth, with $184.2 million of unsettled forward equity and low leverage. These recent developments indicate a positive outlook for Essential Properties Realty Trust.
InvestingPro Insights
As Essential Properties Realty Trust, Inc. (NYSE:EPRT) navigates a period where its President and CEO, Peter M. Mavoides, has engaged in a significant stock sale, investors may find it valuable to consider some key financial metrics and expert insights from InvestingPro. The company, which specializes in single-tenant properties, has demonstrated a consistent ability to grow its revenue, with a notable revenue growth of 26.44% over the last twelve months as of Q1 2024.
InvestingPro Data shows that Essential Properties Realty Trust is trading at a P/E ratio of 22.5, which adjusts to 26.46 when considering the last twelve months as of Q1 2024. This is paired with a PEG ratio of 1.73 for the same period, indicating the company's earnings growth relative to its price. Additionally, the company's dividend yield stands at a healthy 4.26%, with a recent dividend growth of 5.45%.
In terms of InvestingPro Tips, it's worth noting that Essential Properties Realty Trust has raised its dividend for six consecutive years, signaling a commitment to returning value to shareholders. Furthermore, analysts are optimistic about the company's future, predicting sales growth in the current year and revising their earnings estimates upwards for the upcoming period. These insights suggest that despite the CEO's recent stock sale, the company maintains a strong financial position with positive prospects.
For those interested in deeper analysis and additional insights, InvestingPro offers more tips on Essential Properties Realty Trust. By visiting https://www.investing.com/pro/EPRT, investors can access a total of 7 InvestingPro Tips that could help inform their investment decisions. Moreover, users can benefit from an additional 10% off a yearly or biyearly Pro and Pro+ subscription by using the coupon code PRONEWS24.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.