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

Key Points

• Essex Property Trust beat quarterly expectations: The REIT reported earnings of $1.52 per share, $0.05 above consensus, while revenue reached $492.69 million versus estimates of $491.01 million.
• Shares declined despite the earnings beat: ESS traded down $1.14 to $274.16, though its market capitalization stood at $17.62 billion and the stock remained within its $238.46–$303.35 12-month range.
• Analysts remain moderately bullish: The stock has a consensus “Moderate Buy” rating and an average price target of $298.99. Essex also pays a quarterly dividend of $2.59, equivalent to a 3.8% yield.

Essex Property Trust (NYSE:ESS - Get Free Report) announced its earnings results on Tuesday. The real estate investment trust reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.05, FiscalAI reports. The firm had revenue of $492.69 million for the quarter, compared to the consensus estimate of $491.01 million. Essex Property Trust had a net margin of 21.48% and a return on equity of 7.33%.

Essex Property Trust Stock Performance

Shares of ESS traded down $1.14 during midday trading on Tuesday, reaching $274.16. 812,889 shares of the stock were exchanged, compared to its average volume of 505,968. The business's 50-day moving average price is $276.28 and its 200 day moving average price is $269.29. The company has a market capitalization of $17.62 billion, a price-to-earnings 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 has a twelve month low of $238.46 and a twelve month high of $303.35.

Essex Property Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $2.59 dividend. This represents a $10.36 annualized dividend and a yield of 3.8%. The ex-dividend date was Wednesday, September 30th. Essex Property Trust's dividend payout ratio is currently 161.12%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Citizens Jmp upgraded 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. JPMorgan Chase & Co. lifted their target price on Essex Property Trust from $275.00 to $295.00 and gave the company an "underweight" rating in a report on Friday, August 14th. Scotiabank lowered their target price on Essex Property Trust from $307.00 to $293.00 and set a "sector outperform" rating for the company in a research note on Thursday, September 17th. Stifel Nicolaus set a $292.75 target price on Essex Property Trust in a research note on Thursday, July 30th. Finally, Citigroup upgraded Essex Property Trust from a "buy" rating to an "outperform" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Essex Property Trust has an average rating of "Moderate Buy" and a consensus 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.

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