Essex Property Trust (ESS) Issues Quarterly Earnings Results
Essex Property Trust (NYSE:ESS) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $3.01 EPS for the quarter, beating the consensus estimate of $3.00 by $0.01, Briefing.com reports. Essex Property Trust had a net margin of 31.75% and a return on equity of 6.76%. The business had revenue of $345.06 million during the quarter, compared to analyst estimates of $346.50 million. During the same quarter in the previous year, the business posted $2.85 EPS. Essex Property Trust updated its FY18 guidance to $12.24-12.64 EPS.
Essex Property Trust (NYSE:ESS) opened at $218.28 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83. Essex Property Trust has a 52 week low of $214.03 and a 52 week high of $270.04. The stock has a market cap of $14,383.53, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 2.81 and a beta of 0.42.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were paid a dividend of $1.75 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $7.00 annualized dividend and a dividend yield of 3.21%. Essex Property Trust’s dividend payout ratio (DPR) is presently 106.38%.
ESS has been the subject of several recent research reports. Raymond James Financial restated an “underperform” rating on shares of Essex Property Trust in a report on Monday, January 8th. Mitsubishi UFJ Financial Group restated a “neutral” rating on shares of Essex Property Trust in a report on Friday, November 3rd. Sandler O’Neill set a $250.00 price target on shares of Essex Property Trust and gave the company a “hold” rating in a report on Friday, January 12th. Evercore ISI upgraded shares of Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $274.00 price target for the company in a report on Monday, December 11th. Finally, Zacks Investment Research lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating in a report on Friday, October 13th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Essex Property Trust has a consensus rating of “Hold” and an average target price of $265.24.
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About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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