Essex Property Trust (NYSE:ESS) Releases Q4 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.36-3.46 for the period, compared to the Thomson Reuters consensus estimate of $3.41. Essex Property Trust also updated its FY 2019 guidance to $13.28-13.38 EPS.

Several research firms recently weighed in on ESS. Barclays set a $350.00 target price on shares of Essex Property Trust and gave the company a buy rating in a research note on Friday, October 11th. Citigroup increased their target price on shares of Essex Property Trust from $280.00 to $300.00 and gave the company a neutral rating in a research note on Tuesday, July 30th. BMO Capital Markets set a $310.00 target price on shares of Essex Property Trust and gave the company a hold rating in a research note on Wednesday, July 24th. Stifel Nicolaus raised their price target on shares of Essex Property Trust from $300.00 to $325.00 and gave the stock a buy rating in a research note on Friday, July 26th. Finally, KeyCorp raised their price target on shares of Essex Property Trust from $320.00 to $342.00 and gave the stock an overweight rating in a research note on Tuesday, October 8th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $307.26.

Shares of Essex Property Trust stock traded down $2.06 during midday trading on Thursday, reaching $326.28. The company had a trading volume of 551,030 shares, compared to its average volume of 293,723. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $21.76 billion, a price-to-earnings ratio of 25.96, a price-to-earnings-growth ratio of 3.87 and a beta of 0.33. The stock has a fifty day simple moving average of $326.83 and a 200 day simple moving average of $304.15. Essex Property Trust has a 1-year low of $235.51 and a 1-year high of $334.17.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.53 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($1.83). The company had revenue of $366.93 million during the quarter, compared to analyst estimates of $365.49 million. Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. During the same period in the prior year, the business earned $3.15 EPS. Sell-side analysts expect that Essex Property Trust will post 13.33 earnings per share for the current year.

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

In other Essex Property Trust news, CAO John Farias sold 1,643 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $315.49, for a total value of $518,350.07. Following the transaction, the chief accounting officer now directly owns 2,377 shares of the company’s stock, valued at $749,919.73. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Janice L. Sears sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $324.26, for a total transaction of $810,650.00. Following the completion of the transaction, the director now directly owns 3,583 shares in the company, valued at $1,161,823.58. 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. 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.

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

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