Essex Property Trust (NYSE:ESS) Issues 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 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 NYSE:ESS opened at $308.17 on Tuesday. Essex Property Trust has a 1-year low of $186.30 and a 1-year high of $316.63. The company has a market cap of $20.03 billion, a PE ratio of 47.56, a PEG ratio of 7.30 and a beta of 0.73. The company’s fifty day moving average is $295.51. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.98.

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

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th will be given a dividend of $2.09 per share. This represents a $8.36 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Tuesday, June 29th. Essex Property Trust’s dividend payout ratio is presently 65.21%.

Several brokerages have recently issued reports on ESS. Morgan Stanley raised their target price on Essex Property Trust from $319.00 to $332.00 and gave the company an equal weight rating in a research report on Friday, June 11th. They noted that the move was a valuation call. Zacks Investment Research raised Essex Property Trust from a sell rating to a hold rating and set a $302.00 target price for the company in a research report on Tuesday, April 13th. Wolfe Research initiated coverage on Essex Property Trust in a research report on Monday, June 14th. They set a peer perform rating and a $351.00 target price for the company. Royal Bank of Canada initiated coverage on Essex Property Trust in a report on Tuesday, March 30th. They issued an outperform rating and a $303.00 price objective for the company. Finally, Raymond James reissued a sell rating on shares of Essex Property Trust in a report on Tuesday, February 23rd. One research analyst has 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 stock presently has an average rating of Hold and a consensus price target of $296.25.

In other Essex Property Trust 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 completion of the transaction, the director now owns 7,383 shares of the company’s stock, valued at approximately $2,069,602.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.80% of the stock is owned by insiders.

Essex Property Trust Company Profile

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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