Essex Property Trust (ESS) Releases FY18 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its FY18 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $12.24-12.64 for the period, compared to the Thomson Reuters consensus estimate of $12.41.

Several equities analysts recently commented on the stock. Citigroup raised shares of Essex Property Trust to an overweight rating and increased their target price for the company from $253.00 to $278.00 in a report on Wednesday, January 3rd. They noted that the move was a valuation call. BMO Capital Markets reissued a hold rating and issued a $250.00 price target on shares of Essex Property Trust in a report on Tuesday, January 9th. Cantor Fitzgerald set a $279.00 price target on shares of Essex Property Trust and gave the stock a buy rating in a report on Thursday. Mizuho raised shares of Essex Property Trust from an underperform rating to a neutral rating in a report on Friday. They noted that the move was a valuation call. Finally, Barclays reissued a buy rating and issued a $283.00 price target on shares of Essex Property Trust in a report on Thursday, October 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $265.24.

Shares of Essex Property Trust (NYSE ESS) opened at $218.28 on Friday. Essex Property Trust has a 12-month low of $214.03 and a 12-month high of $270.04. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $14,383.53, a PE ratio of 33.17, a PEG ratio of 2.81 and a beta of 0.42.

Essex Property Trust (NYSE:ESS) last posted its earnings results on Wednesday, February 7th. The real estate investment trust reported $3.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.00 by $0.01. Essex Property Trust had a net margin of 31.75% and a return on equity of 6.76%. The firm had revenue of $345.06 million during the quarter, compared to analysts’ expectations of $346.50 million. During the same period last year, the company posted $2.85 EPS. research analysts predict that Essex Property Trust will post 12.41 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were given a $1.75 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $7.00 annualized dividend and a dividend yield of 3.21%. Essex Property Trust’s dividend payout ratio is 106.38%.

In other news, insider Craig K. Zimmerman sold 1,001 shares of the firm’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $247.24, for a total value of $247,487.24. Following the completion of the sale, the insider now directly owns 11,284 shares of the company’s stock, valued at approximately $2,789,856.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Angela L. Kleiman sold 600 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $247.16, for a total transaction of $148,296.00. Following the completion of the sale, the chief financial officer now directly owns 7,777 shares of the company’s stock, valued at $1,922,163.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,102 shares of company stock valued at $2,003,715. Corporate insiders own 3.30% of the company’s stock.

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Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.

Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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