Essex Property Trust (NYSE:ESS) Releases Q2 2021 Earnings Guidance

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

Shares of Essex Property Trust 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. Essex Property Trust has a 52-week low of $186.30 and a 52-week high of $316.63. The company’s fifty day moving average is $291.35. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.40 and a quick ratio of 2.40. The company has a market capitalization of $20.41 billion, a price-to-earnings ratio of 48.46, a price-to-earnings-growth ratio of 7.21 and a beta of 0.73.

Essex Property Trust (NYSE:ESS) last released its earnings results on Tuesday, April 27th. The real estate investment trust reported $2.59 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 last year, the business earned $3.48 earnings per share. As a group, equities analysts forecast that Essex Property Trust will post 12.23 EPS for the current year.

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

A number of equities analysts have weighed in on ESS shares. BMO Capital Markets raised shares of Essex Property Trust from a market perform rating to an outperform rating and increased their price target for the stock from $275.00 to $310.00 in a research note on Monday, April 5th. Wells Fargo & Company lifted their target price on Essex Property Trust from $263.00 to $281.00 and gave the company an equal weight rating in a report on Thursday, May 13th. Piper Sandler upgraded Essex Property Trust from a neutral rating to an overweight rating and upped their price target for the stock from $265.00 to $320.00 in a research note on Friday, April 9th. Truist Securities lifted their price objective on Essex Property Trust from $295.00 to $327.00 and gave the company a buy rating in a research note on Friday, June 4th. Finally, Royal Bank of Canada began coverage on shares of Essex Property Trust in a research report on Tuesday, March 30th. They set an outperform rating and a $303.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. Essex Property Trust has an average rating of Hold and a consensus price target of $290.40.

In other news, Director Thomas E. Robinson sold 2,838 shares of Essex Property Trust stock in a transaction dated Wednesday, May 12th. The stock was sold at an average price of $280.32, for a total transaction of $795,548.16. Following the sale, the director now directly owns 7,383 shares of the company’s stock, valued at $2,069,602.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.80% of the company’s stock.

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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