Essex Property Trust (NYSE:ESS) Releases FY19 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its FY19 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $13.28-13.38 for the period, compared to the Thomson Reuters consensus estimate of $13.34. Essex Property Trust also updated its FY 2019 guidance to $13.28-13.38 EPS.

NYSE:ESS traded down $2.06 during trading hours on Thursday, hitting $326.28. 551,030 shares of the company traded hands, compared to its average volume of 293,723. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.92. The firm’s 50-day simple moving average is $326.83 and its 200-day simple moving average is $304.15. Essex Property Trust has a one year low of $235.51 and a one year high of $334.17. The company has a market cap of $21.76 billion, a PE ratio of 25.96, a PEG ratio of 3.87 and a beta of 0.33.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.53 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($1.83). Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. The company had revenue of $366.93 million for the quarter, compared to the consensus estimate of $365.49 million. During the same quarter last year, the business posted $3.15 earnings per share. As a group, equities research analysts expect that Essex Property Trust will post 13.33 EPS for the current year.

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

Several equities analysts have weighed in on ESS shares. Citigroup raised their price objective on Essex Property Trust from $280.00 to $300.00 and gave the company a neutral rating in a research note on Tuesday, July 30th. Capital One Financial restated an equal weight rating on shares of Essex Property Trust in a research note on Monday, September 16th. BMO Capital Markets set a $310.00 price objective on Essex Property Trust and gave the company a hold rating in a research note on Wednesday, July 24th. BTIG Research upgraded Essex Property Trust from a neutral rating to a buy rating and set a $335.00 price objective on the stock in a research note on Thursday, August 15th. Finally, ValuEngine cut Essex Property Trust from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Essex Property Trust currently has a consensus rating of Hold and an average price target of $307.26.

In other news, EVP John F. Burkart sold 1,546 shares of Essex Property Trust stock in a transaction on Friday, August 30th. The stock was sold at an average price of $321.99, for a total transaction of $497,796.54. Following the sale, the executive vice president now directly owns 5,465 shares in the company, valued at approximately $1,759,675.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janice L. Sears sold 2,500 shares of Essex Property Trust stock in a transaction on Friday, September 20th. The stock was sold at an average price of $324.26, for a total value of $810,650.00. Following the sale, the director now owns 3,583 shares in the company, valued at $1,161,823.58. The disclosure for this sale can be found here. Insiders have sold a total of 81,551 shares of company stock worth $25,904,657 over the last quarter. Company insiders own 3.60% 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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

Read More: Why investors pay attention to retained earnings

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

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.