Essex Property Trust (NYSE:ESS) Releases Quarterly Earnings Results, Misses Estimates By $2.49 EPS

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

Essex Property Trust Price Performance

Shares of NYSE ESS opened at $264.04 on Friday. The company has a market capitalization of $16.99 billion, a PE ratio of 48.99, a PEG ratio of 7.82 and a beta of 0.70. The company has a quick ratio of 0.60, a current ratio of 0.54 and a debt-to-equity ratio of 1.21. The stock’s 50 day moving average price is $274.49 and its 200-day moving average price is $269.67. Essex Property Trust has a twelve month low of $238.46 and a twelve month high of $303.35.

Essex Property Trust Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ESS shares. Mizuho cut Essex Property Trust from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $308.00 to $295.00 in a research report on Tuesday, September 8th. Cantor Fitzgerald raised their price objective on shares of Essex Property Trust from $291.00 to $316.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Citizens Jmp upgraded shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $330.00 target price on the stock in a research report on Friday, July 31st. Piper Sandler reissued an “overweight” rating and set a $320.00 target price (down from $326.00) on shares of Essex Property Trust in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft set a $325.00 price target on Essex Property Trust in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Essex Property Trust currently has a consensus 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.