Essex Property Trust, Inc. (NYSE:ESS) – Analysts at Piper Sandler lowered their Q2 2021 earnings per share (EPS) estimates for shares of Essex Property Trust in a research report issued to clients and investors on Monday, June 21st. Piper Sandler analyst A. Goldfarb now expects that the real estate investment trust will post earnings per share of $2.83 for the quarter, down from their previous forecast of $2.97. Piper Sandler currently has a “Overweight” rating and a $340.00 price target on the stock. Piper Sandler also issued estimates for Essex Property Trust’s Q2 2022 earnings at $3.45 EPS, Q3 2022 earnings at $3.40 EPS, Q4 2022 earnings at $3.49 EPS and FY2022 earnings at $13.55 EPS.
Essex Property Trust (NYSE:ESS) last released its earnings results on Tuesday, April 27th. The real estate investment trust reported $2.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.04 by ($0.45). Essex Property Trust had a net margin of 28.95% and a return on equity of 6.58%. During the same quarter in the previous year, the company earned $3.48 earnings per share.
Shares of NYSE ESS opened at $305.97 on Tuesday. The stock has a market cap of $19.89 billion, a PE ratio of 47.22, a PEG ratio of 7.30 and a beta of 0.73. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.40 and a quick ratio of 2.40. The company’s fifty day moving average is $295.90. Essex Property Trust has a 52-week low of $186.30 and a 52-week high of $316.63.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th will be given a $2.09 dividend. This represents a $8.36 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Tuesday, June 29th. Essex Property Trust’s payout ratio is 65.21%.
In other Essex Property Trust news, Director Thomas E. Robinson sold 2,838 shares of the stock in a transaction on Wednesday, May 12th. The shares were sold at an average price of $280.32, for a total transaction of $795,548.16. Following the transaction, the director now directly owns 7,383 shares in the company, valued at approximately $2,069,602.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ESS. CX Institutional raised its position in shares of Essex Property Trust by 32.1% during the 1st quarter. CX Institutional now owns 173 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 42 shares in the last quarter. TownSquare Capital LLC raised its holdings in shares of Essex Property Trust by 2.3% during the first quarter. TownSquare Capital LLC now owns 1,884 shares of the real estate investment trust’s stock worth $512,000 after purchasing an additional 42 shares during the period. Azimuth Capital Management LLC lifted its position in shares of Essex Property Trust by 3.6% in the 4th quarter. Azimuth Capital Management LLC now owns 1,243 shares of the real estate investment trust’s stock worth $295,000 after buying an additional 43 shares during the last quarter. SOA Wealth Advisors LLC. boosted its holdings in shares of Essex Property Trust by 74.6% in the 1st quarter. SOA Wealth Advisors LLC. now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 47 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Essex Property Trust by 2.3% during the 1st quarter. Franklin Resources Inc. now owns 2,191 shares of the real estate investment trust’s stock valued at $596,000 after buying an additional 49 shares during the last quarter. 92.37% of the stock is currently owned by institutional investors.
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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