Essex Property Trust (NYSE:ESS) Releases FY 2021 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its FY 2021 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $12.020-12.460 for the period. The company issued revenue guidance of -.Essex Property Trust also updated its Q2 2021 guidance to $2.920-3.000 EPS.

Shares of ESS stock traded up $4.00 during trading hours on Thursday, reaching $314.04. 259,295 shares of the company’s stock were exchanged, compared to its average volume of 416,266. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.40 and a current ratio of 2.40. Essex Property Trust has a 1 year low of $186.30 and a 1 year high of $316.63. The stock has a market cap of $20.41 billion, a PE ratio of 48.46, a PEG ratio of 7.21 and a beta of 0.73. The firm has a fifty day moving average price of $291.35.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, April 27th. The real estate investment trust reported $2.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm earned $3.48 earnings per share. On average, equities analysts expect that Essex Property Trust will post 12.23 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, June 30th will be paid a dividend of $2.09 per share. This represents a $8.36 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Tuesday, June 29th. Essex Property Trust’s payout ratio is 65.21%.

Several research firms recently issued reports on ESS. KeyCorp increased their target price on Essex Property Trust from $277.00 to $300.00 and gave the stock an overweight rating in a research note on Thursday, March 11th. Morgan Stanley increased their target price on Essex Property Trust from $312.00 to $319.00 and gave the stock an equal weight rating in a research note on Wednesday, May 26th. Zacks Investment Research raised Essex Property Trust from a sell rating to a hold rating and set a $302.00 price target on the stock in a research report on Tuesday, April 13th. BTIG Research reaffirmed a neutral rating on shares of Essex Property Trust in a research report on Tuesday, May 25th. Finally, Piper Sandler raised Essex Property Trust from a neutral rating to an overweight rating and increased their price target for the company from $265.00 to $320.00 in a research report on Friday, April 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $290.40.

In other Essex Property Trust news, Director Thomas E. Robinson sold 2,838 shares of the company’s stock in a transaction on Wednesday, May 12th. The stock was sold at an average price of $280.32, for a total value of $795,548.16. Following the sale, the director now 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. 3.80% of the stock is owned by company insiders.

About Essex Property Trust

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

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