Essex Property Trust (NYSE:ESS) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

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

Essex Property Trust Stock Up 2.2%

Shares of ESS traded up $5.42 during trading on Wednesday, reaching $253.01. The company’s stock had a trading volume of 776,849 shares, compared to its average volume of 600,361. Essex Property Trust has a twelve month low of $243.25 and a twelve month high of $316.29. 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 company has a market cap of $16.29 billion, a price-to-earnings ratio of 19.23, a P/E/G ratio of 5.92 and a beta of 0.74. The company has a fifty day moving average of $256.50 and a two-hundred day moving average of $260.83.

Essex Property Trust Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ESS shares. Truist Financial cut their price objective on shares of Essex Property Trust from $283.00 to $273.00 and set a “hold” rating for the company in a research report on Tuesday, December 16th. BMO Capital Markets downgraded Essex Property Trust from an “outperform” rating to a “market perform” rating and cut their price target for the company from $305.00 to $280.00 in a report on Friday, January 9th. Wall Street Zen raised Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. Barclays restated a “positive” rating and issued a $292.00 price target on shares of Essex Property Trust in a report on Tuesday, January 13th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 price target (down previously from $304.00) on shares of Essex Property Trust in a research note on Monday, December 15th. Six research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $285.70.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Essex Property Trust by 973.0% in the 3rd 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 worth $199,127,000 after purchasing an additional 674,617 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in Essex Property Trust by 9.5% in the third quarter. Daiwa Securities Group Inc. now owns 1,157,617 shares of the real estate investment trust’s stock worth $309,848,000 after purchasing an additional 100,730 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Essex Property Trust during the third quarter valued at approximately $15,551,000. Invesco Ltd. raised its stake in Essex Property Trust by 7.0% during the third quarter. Invesco Ltd. now owns 786,774 shares of the real estate investment trust’s stock valued at $210,588,000 after buying an additional 51,407 shares in the last quarter. Finally, Danske Bank A S bought a new position in Essex Property Trust during the 3rd quarter worth approximately $11,136,000. 96.51% of the stock is currently owned by institutional investors.

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.