Essex Property Trust (NYSE:ESS) Issues Quarterly Earnings Results

Key Points

• Essex Property Trust reported quarterly earnings of $4.03 per share, exceeding the consensus estimate of $3.99 by $0.04, with a net margin of 37.08%.
• The company announced a quarterly dividend of $2.57 per share, translating to an annual yield of 3.53%, with a dividend payout ratio of 98.37%.
• Analysts have varying ratings for Essex Property Trust, with a consensus target price of $310.94, reflecting two sell ratings, ten hold ratings, and eight buy ratings.

Essex Property Trust (NYSE:ESS - Get Free Report) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $4.03 earnings per share for the quarter, topping the consensus estimate of $3.99 by $0.04, Zacks reports. Essex Property Trust had a return on equity of 11.81% and a net margin of 37.08%.

Essex Property Trust Stock Performance

ESS traded up $7.91 on Tuesday, hitting $291.07. 657,538 shares of the company traded hands, compared to its average volume of 466,305. The stock has a market capitalization of $18.74 billion, a PE ratio of 27.85, a PEG ratio of 5.98 and a beta of 0.78. The company has a 50 day moving average of $283.73 and a 200-day moving average of $286.33. Essex Property Trust has a 12-month low of $243.85 and a 12-month high of $317.73. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.18.

Essex Property Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $2.57 per share. This represents a $10.28 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend was Monday, June 30th. Essex Property Trust's dividend payout ratio is presently 98.37%.

Hedge Funds Weigh In On Essex Property Trust

An institutional investor recently bought a new position in Essex Property Trust stock. Focus Partners Wealth acquired a new stake in Essex Property Trust, Inc. (NYSE:ESS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 725 shares of the real estate investment trust's stock, valued at approximately $223,000. 96.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ESS shares. Scotiabank reissued an "outperform" rating on shares of Essex Property Trust in a report on Friday, June 13th. Piper Sandler reissued an "overweight" rating and set a $355.00 price target (down previously from $370.00) on shares of Essex Property Trust in a research report on Friday, May 23rd. Barclays upped their price objective on Essex Property Trust from $303.00 to $328.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. UBS Group decreased their price target on Essex Property Trust from $297.00 to $295.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Finally, Raymond James Financial upgraded Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $315.00 price target for the company in a research note on Tuesday, June 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $310.94.

Essex Property Trust Company Profile

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.

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