Essex Property Trust (NYSE:ESS) is scheduled to be announcing its earnings results after the market closes on Thursday, July 29th. Analysts expect the company to announce earnings of $2.98 per share for the quarter. Investors interested in registering for the company's conference call can do so using this link.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Tuesday, April 27th. The real estate investment trust reported $2.59 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $3.04 by ($0.45). Essex Property Trust had a net margin of 28.95% and a return on equity of 6.58%. During the same period in the previous year, the company posted $3.48 EPS. On average, analysts expect Essex Property Trust to post $12 EPS for the current fiscal year and $13 EPS for the next fiscal year.
ESS stock opened at $330.53 on Thursday. The firm's 50-day moving average price is $306.49. Essex Property Trust has a 12-month low of $186.30 and a 12-month high of $334.40. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.40 and a current ratio of 2.40. The stock has a market capitalization of $21.48 billion, a P/E ratio of 51.01, a PEG ratio of 7.49 and a beta of 0.73.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th were given a dividend of $2.09 per share. This represents a $8.36 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date was Tuesday, June 29th. Essex Property Trust's dividend payout ratio (DPR) is presently 65.21%.
In other news, Director Thomas E. Robinson sold 2,838 shares of the company's stock in a transaction that occurred on Wednesday, May 12th. The stock was sold at an average price of $280.32, for a total transaction of $795,548.16. Following the completion of the transaction, the director now directly owns 7,383 shares of the company's stock, valued at $2,069,602.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Irving F. Lyons III sold 7,329 shares of the stock in a transaction that occurred on Tuesday, July 20th. The stock was sold at an average price of $329.90, for a total value of $2,417,837.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,776 shares of company stock worth $4,059,432. Insiders own 3.80% of the company's stock.
A number of equities research analysts have issued reports on ESS shares. Piper Sandler boosted their price target on Essex Property Trust from $320.00 to $340.00 and gave the company an "overweight" rating in a research report on Monday, June 21st. Wolfe Research initiated coverage on Essex Property Trust in a research report on Monday, June 14th. They set a "peer perform" rating and a $351.00 price target for the company. KeyCorp boosted their price objective on Essex Property Trust from $300.00 to $341.00 and gave the stock an "overweight" rating in a research note on Thursday, July 15th. Evercore ISI restated an "in-line" rating on shares of Essex Property Trust in a research note on Monday, May 10th. Finally, BTIG Research restated a "neutral" rating on shares of Essex Property Trust in a research note on Tuesday, May 25th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. The company presently has a consensus rating of "Hold" and an average price target of $299.56.
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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