Essex Property Trust (NYSE:ESS) Issues Quarterly Earnings Results

Essex Property Trust (NYSE:ESS) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $3.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.02), Zacks reports. Essex Property Trust had a return on equity of 14.68% and a net margin of 45.46%.

Essex Property Trust Price Performance

ESS traded up $5.42 during trading on Wednesday, reaching $253.01. The stock had a trading volume of 776,849 shares, compared to its average volume of 600,361. The stock has a 50 day moving average of $256.50 and a two-hundred day moving average of $260.83. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $16.29 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 5.92 and a beta of 0.74. Essex Property Trust has a 1-year low of $243.25 and a 1-year high of $316.29.

Essex Property Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Friday, January 2nd were given a $2.57 dividend. This represents a $10.28 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, January 2nd. Essex Property Trust’s dividend payout ratio is 78.12%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ESS shares. Truist Financial cut their target price on shares of Essex Property Trust from $283.00 to $273.00 and set a “hold” rating on the stock in a report on Tuesday, December 16th. Barclays reissued a “positive” rating and issued a $292.00 price target on shares of Essex Property Trust in a report on Tuesday, January 13th. Wells Fargo & Company lowered their price objective on Essex Property Trust from $280.00 to $268.00 and set an “equal weight” rating for the company in a research note on Monday, November 10th. Evercore ISI dropped their target price on Essex Property Trust from $279.00 to $271.00 and set a “cautious” rating on the stock in a research report on Monday, November 3rd. Finally, UBS Group raised their target price on Essex Property Trust from $267.00 to $274.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Six analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Essex Property Trust currently has a consensus rating of “Hold” and an average price target of $285.70.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Daiwa Securities Group Inc. lifted its holdings in Essex Property Trust by 9.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 1,157,617 shares of the real estate investment trust’s stock valued at $309,848,000 after acquiring an additional 100,730 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Essex Property Trust by 3.9% during the third quarter. Ameriprise Financial Inc. now owns 882,010 shares of the real estate investment trust’s stock valued at $233,668,000 after purchasing an additional 32,981 shares during the last quarter. Resolution Capital Ltd boosted its holdings in Essex Property Trust by 3.2% during the second quarter. Resolution Capital Ltd now owns 848,629 shares of the real estate investment trust’s stock worth $240,501,000 after buying an additional 26,661 shares in the last quarter. Invesco Ltd. grew its position in Essex Property Trust by 7.0% in the third quarter. Invesco Ltd. now owns 786,774 shares of the real estate investment trust’s stock worth $210,588,000 after buying an additional 51,407 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Essex Property Trust by 973.0% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 743,954 shares of the real estate investment trust’s stock valued at $199,127,000 after buying an additional 674,617 shares in the last quarter. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.