Essex Property Trust (NYSE:ESS) Releases Quarterly Earnings Results, Misses Estimates By $2.04 EPS

Essex Property Trust (NYSE:ESS - Get Free Report) announced its earnings results on Tuesday. The real estate investment trust reported $1.84 earnings per share for the quarter, missing the consensus estimate of $3.88 by ($2.04), Zacks reports. Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. The business had revenue of $450.70 million for the quarter, compared to the consensus estimate of $445.88 million. During the same quarter in the previous year, the company earned $3.78 EPS.

Essex Property Trust Stock Down 2.4 %

NYSE ESS traded down $6.89 during trading hours on Friday, hitting $276.97. 485,418 shares of the company traded hands, compared to its average volume of 379,620. The stock has a market capitalization of $17.79 billion, a price-to-earnings ratio of 32.36, a P/E/G ratio of 5.32 and a beta of 0.88. Essex Property Trust has a twelve month low of $204.64 and a twelve month high of $317.73. The business's 50-day moving average is $297.86 and its 200-day moving average is $279.30. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.62 and a current ratio of 1.62.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust's dividend payout ratio is presently 114.49%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ESS shares. Wedbush increased their target price on Essex Property Trust from $264.00 to $301.00 and gave the stock a "neutral" rating in a report on Monday, August 5th. UBS Group increased their price objective on Essex Property Trust from $261.00 to $283.00 and gave the stock a "neutral" rating in a research note on Thursday, July 18th. The Goldman Sachs Group started coverage on shares of Essex Property Trust in a research note on Wednesday, September 4th. They issued a "neutral" rating and a $318.00 target price on the stock. Piper Sandler increased their target price on shares of Essex Property Trust from $315.00 to $355.00 and gave the stock an "overweight" rating in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Essex Property Trust from $265.00 to $297.00 and gave the company a "neutral" rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $293.40.

Insider Activity

In other news, CAO Anne Morrison sold 2,571 shares of the firm's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $314.79, for a total value of $809,325.09. Following the completion of the sale, the chief accounting officer now directly owns 2,321 shares of the company's stock, valued at $730,627.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CAO Anne Morrison sold 2,571 shares of Essex Property Trust stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $314.79, for a total transaction of $809,325.09. Following the completion of the sale, the chief accounting officer now owns 2,321 shares of the company's stock, valued at approximately $730,627.59. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Amal M. Johnson sold 7,298 shares of the company's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the completion of the transaction, the director now owns 2,585 shares in the company, valued at approximately $817,661.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,402 shares of company stock valued at $6,399,663 in the last quarter. Company insiders own 3.80% of the company's stock.

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.