Essex Property Trust (ESS) Issues Q4 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its fourth quarter earnings guidance on Monday. The company provided EPS guidance of $3.13-3.23 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.18. Essex Property Trust also updated its FY 2018 guidance to $12.51-12.61 EPS.

Several research analysts have recently weighed in on the stock. ValuEngine raised shares of Essex Property Trust from a sell rating to a hold rating in a research report on Wednesday, July 11th. DA Davidson reissued a neutral rating on shares of Essex Property Trust in a research report on Monday, August 6th. Citigroup downgraded shares of Essex Property Trust from a buy rating to a neutral rating and dropped their target price for the stock from $280.00 to $260.00 in a research report on Friday, September 14th. Stifel Nicolaus raised shares of Essex Property Trust from a hold rating to a buy rating and lifted their target price for the stock from $235.00 to $260.00 in a research report on Thursday, August 2nd. Finally, Zacks Investment Research raised shares of Essex Property Trust from a hold rating to a buy rating and set a $262.00 target price on the stock in a research report on Tuesday, July 31st. Twelve equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Essex Property Trust presently has an average rating of Buy and an average price target of $262.89.

Shares of ESS opened at $255.64 on Wednesday. Essex Property Trust has a 52 week low of $214.03 and a 52 week high of $264.07. The company has a market cap of $16.37 billion, a P/E ratio of 21.46, a P/E/G ratio of 3.34 and a beta of 0.29. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.88.



Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing the Zacks’ consensus estimate of $3.14 by ($1.92). The company had revenue of $350.92 million for the quarter, compared to analysts’ expectations of $351.58 million. Essex Property Trust had a net margin of 27.01% and a return on equity of 5.52%. During the same period in the previous year, the firm posted $2.98 earnings per share. On average, equities research analysts predict that Essex Property Trust will post 12.55 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were paid a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Thursday, September 27th. Essex Property Trust’s dividend payout ratio (DPR) is presently 62.47%.

In other Essex Property Trust news, insider John D. Eudy sold 1,834 shares of Essex Property Trust stock in a transaction that occurred on Wednesday, October 24th. The shares were sold at an average price of $252.13, for a total value of $462,406.42. Following the completion of the sale, the insider now directly owns 11,486 shares in the company, valued at $2,895,965.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Schall sold 3,012 shares of Essex Property Trust stock in a transaction that occurred on Wednesday, October 24th. The shares were sold at an average price of $252.63, for a total transaction of $760,921.56. Following the completion of the sale, the chief executive officer now owns 47,997 shares of the company’s stock, valued at $12,125,482.11. The disclosure for this sale can be found here. Insiders sold 5,763 shares of company stock valued at $1,445,557 over the last quarter. Corporate insiders own 3.40% of the company’s stock.

Essex Property Trust Company Profile

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. The Company currently has ownership interests in 247 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.

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Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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