Essex Property Trust (NYSE:ESS) Announces Earnings Results

Essex Property Trust (NYSE:ESS) issued its earnings results on Tuesday. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.01 by ($2.49), FiscalAI reports. Essex Property Trust had a return on equity of 6.24% and a net margin of 17.84%. The business had revenue of $492.69 million during the quarter, compared to the consensus estimate of $491.01 million. During the same period in the prior year, the business earned $3.97 EPS.

Essex Property Trust Stock Down 0.4%

NYSE ESS traded down $1.18 on Friday, hitting $264.04. 907,728 shares of the company were exchanged, compared to its average volume of 547,912. The company has a market cap of $16.99 billion, a PE ratio of 16.39, a PEG ratio of 7.82 and a beta of 0.69. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.21. The stock has a fifty day moving average of $274.49 and a 200-day moving average of $269.67. Essex Property Trust has a 12 month low of $238.46 and a 12 month high of $303.35.

Essex Property Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $2.59 per share. This represents a $10.36 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Wednesday, September 30th. Essex Property Trust’s payout ratio is 192.21%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ESS. Royal Bank Of Canada cut their target price on shares of Essex Property Trust from $298.00 to $297.00 and set an “outperform” rating for the company in a research note on Thursday. JPMorgan Chase & Co. upped their price target on Essex Property Trust from $275.00 to $295.00 and gave the stock an “underweight” rating in a research note on Friday, August 14th. Deutsche Bank Aktiengesellschaft set a $325.00 target price on Essex Property Trust in a research note on Tuesday, August 18th. Wells Fargo & Company reduced their price target on Essex Property Trust from $297.00 to $279.00 and set an “equal weight” rating for the company in a research report on Monday, October 19th. Finally, Mizuho cut Essex Property Trust from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $308.00 to $295.00 in a research report on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Essex Property Trust has an average rating of “Moderate Buy” and an average target price of $298.27.

About Essex Property Trust

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust that owns, develops, redevelops, and manages multifamily apartment communities. The company focuses on providing rental housing in high-demand markets and generates revenue primarily from apartment rents and related resident services.

Founded in 1971 and headquartered in San Mateo, California, Essex operates primarily in Southern California, the San Francisco Bay Area, and the Seattle metropolitan area.