Essex Property Trust (NYSE:ESS) Announces Earnings Results, Beats Expectations By $0.05 EPS

Essex Property Trust (NYSE:ESS) announced its earnings results on Tuesday. The real estate investment trust reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.05, FiscalAI reports. The firm had revenue of $492.69 million for the quarter, compared to analysts’ expectations of $491.01 million. Essex Property Trust had a return on equity of 7.33% and a net margin of 21.48%.

Essex Property Trust Trading Down 0.4%

ESS stock traded down $1.14 during midday trading on Tuesday, reaching $274.16. 812,889 shares of the company’s stock traded hands, compared to its average volume of 505,968. Essex Property Trust has a fifty-two week low of $238.46 and a fifty-two week high of $303.35. The business has a 50-day moving average price of $276.28 and a two-hundred day moving average price of $269.29. The company has a market capitalization of $17.62 billion, a P/E ratio of 42.64, a PEG ratio of 8.27 and a beta of 0.70. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.60 and a quick ratio of 0.60.

Essex Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $2.59 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $10.36 annualized dividend and a yield of 3.8%. Essex Property Trust’s dividend payout ratio (DPR) is presently 161.12%.

Analyst Ratings Changes

ESS has been the topic of several recent research reports. Wall Street Zen downgraded Essex Property Trust from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Deutsche Bank Aktiengesellschaft set a $325.00 target price on shares of Essex Property Trust in a report on Tuesday, August 18th. Wells Fargo & Company decreased their price target on shares of Essex Property Trust from $297.00 to $279.00 and set an “equal weight” rating on the stock in a research note on Monday, October 19th. Stifel Nicolaus set a $292.75 price target on shares of Essex Property Trust in a report on Thursday, July 30th. Finally, Citizens Jmp raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $330.00 price objective on the stock in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $298.99.

Essex Property Trust Company Profile

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.