Essex Property Trust (NYSE:ESS) Releases Earnings Results, Misses Estimates By $1.83 EPS

Essex Property Trust (NYSE:ESS) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.36 by ($1.83), Fidelity Earnings reports. The firm had revenue of $366.93 million during the quarter, compared to analysts’ expectations of $365.49 million. Essex Property Trust had a return on equity of 6.43% and a net margin of 28.83%. During the same quarter in the previous year, the company posted $3.15 earnings per share.

NYSE:ESS traded down $2.46 during mid-day trading on Thursday, hitting $325.88. The company’s stock had a trading volume of 329,055 shares, compared to its average volume of 260,241. Essex Property Trust has a 1 year low of $235.51 and a 1 year high of $334.17. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $21.76 billion, a price-to-earnings ratio of 25.93, a PEG ratio of 3.87 and a beta of 0.33. The business’s fifty day moving average is $326.80 and its two-hundred day moving average is $303.98.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Friday, September 27th. Essex Property Trust’s dividend payout ratio (DPR) is presently 62.05%.

Several equities research analysts recently weighed in on ESS shares. KeyCorp increased their target price on Essex Property Trust from $320.00 to $342.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Capital One Financial reissued an “equal weight” rating on shares of Essex Property Trust in a research report on Monday, September 16th. BTIG Research upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 price target on the stock in a research note on Thursday, August 15th. Barclays set a $350.00 price target on Essex Property Trust and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, BMO Capital Markets set a $310.00 target price on Essex Property Trust and gave the company a “hold” rating in a research note on Wednesday, July 24th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Essex Property Trust presently has a consensus rating of “Hold” and an average price target of $307.26.

In other Essex Property Trust news, insider John F. Burkart sold 13,807 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $312.62, for a total value of $4,316,344.34. Following the completion of the sale, the insider now owns 17,726 shares in the company, valued at approximately $5,541,502.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael J. Schall sold 35,250 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $319.22, for a total transaction of $11,252,505.00. Following the completion of the sale, the insider now owns 75,101 shares of the company’s stock, valued at approximately $23,973,741.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,551 shares of company stock worth $25,904,657. 3.60% of the stock is owned by corporate insiders.

About Essex Property Trust

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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

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Earnings History for Essex Property Trust (NYSE:ESS)

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