Essex Property Trust, Inc. (NYSE:ESS) Posts Earnings Results, Beats Estimates By $0.05 EPS
Essex Property Trust, Inc. (NYSE:ESS) issued its earnings results on Thursday. The real estate investment trust reported $2.97 EPS for the quarter, beating the Zacks’ consensus estimate of $2.92 by $0.05, Bloomberg Earnings reports. Essex Property Trust had a net margin of 38.94% and a return on equity of 8.04%. During the same period in the prior year, the firm posted $2.74 EPS. Essex Property Trust updated its Q3 guidance to $2.88-2.98 EPS and its FY17 guidance to $11.71-11.96 EPS.
Essex Property Trust (NYSE ESS) traded down 1.16% during midday trading on Thursday, reaching $264.04. 329,384 shares of the company traded hands. Essex Property Trust has a 12 month low of $200.01 and a 12 month high of $268.97. The stock has a market capitalization of $17.32 billion, a price-to-earnings ratio of 33.83 and a beta of 0.52. The firm has a 50 day moving average of $261.26 and a 200-day moving average of $242.95.
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were paid a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend was Wednesday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is 89.74%.
In other news, insider Angela L. Kleiman sold 3,417 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $252.35, for a total value of $862,279.95. Following the transaction, the insider now owns 10,594 shares of the company’s stock, valued at approximately $2,673,395.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John F. Burkart sold 6,667 shares of the firm’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $248.71, for a total transaction of $1,658,149.57. Following the completion of the transaction, the insider now directly owns 11,152 shares in the company, valued at approximately $2,773,613.92. The disclosure for this sale can be found here. Insiders sold a total of 32,826 shares of company stock worth $8,272,799 in the last ninety days. Insiders own 3.30% of the company’s stock.
A number of equities analysts have recently commented on the stock. Mizuho raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and raised their target price for the company from $199.00 to $212.00 in a research note on Monday, May 1st. Zacks Investment Research downgraded shares of Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, April 18th. Royal Bank Of Canada reissued an “outperform” rating and issued a $267.00 target price (up previously from $248.00) on shares of Essex Property Trust in a research note on Tuesday, May 16th. Cantor Fitzgerald reissued a “buy” rating and issued a $278.00 target price on shares of Essex Property Trust in a research note on Thursday. Finally, SunTrust Banks, Inc. downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating and set a $257.00 target price on the stock. in a research note on Thursday, May 18th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $255.75.
About Essex Property Trust
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.
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