Essex Property Trust, Inc. (NYSE:ESS) Updates Q3 Earnings Guidance

Essex Property Trust, Inc. (NYSE:ESS) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.88-2.98 for the period, compared to the Thomson Reuters consensus estimate of $2.97. Essex Property Trust also updated its FY17 guidance to $11.71-11.96 EPS.

Several equities research analysts recently issued reports on the stock. Mizuho downgraded shares of Essex Property Trust from a buy rating to a neutral rating and set a $283.00 price target on the stock. in a research note on Monday, July 31st. Canaccord Genuity set a $270.00 price target on shares of Essex Property Trust and gave the stock a hold rating in a research note on Monday, July 31st. Cantor Fitzgerald reaffirmed a buy rating and set a $278.00 price target on shares of Essex Property Trust in a research note on Thursday, July 27th. BMO Capital Markets set a $255.00 price target on shares of Essex Property Trust and gave the stock a hold rating in a research note on Thursday, May 25th. Finally, Jefferies Group LLC reaffirmed a neutral rating on shares of Essex Property Trust in a research note on Monday, July 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $262.92.

Shares of Essex Property Trust, Inc. (ESS) traded down 0.48% during midday trading on Friday, hitting $262.00. 249,679 shares of the company were exchanged. Essex Property Trust, Inc. has a one year low of $200.01 and a one year high of $268.97. The stock’s 50-day moving average is $261.14 and its 200-day moving average is $244.06. The stock has a market cap of $17.29 billion, a PE ratio of 33.69 and a beta of 0.52.

Essex Property Trust (NYSE:ESS) last announced its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.05. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. The business had revenue of $339.06 million for the quarter, compared to analysts’ expectations of $336.17 million. During the same period in the prior year, the business posted $2.74 earnings per share. Equities research analysts anticipate that Essex Property Trust, Inc. will post $6.05 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 2.67%. The ex-dividend date was Wednesday, June 28th. Essex Property Trust’s payout ratio is presently 89.97%.

In other Essex Property Trust news, insider Angela L. Kleiman sold 3,417 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $252.35, for a total transaction of $862,279.95. Following the transaction, the insider now directly owns 10,594 shares in the company, valued at approximately $2,673,395.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John F. Burkart sold 6,667 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $248.71, for a total value of $1,658,149.57. Following the transaction, the insider now owns 11,152 shares in the company, valued at $2,773,613.92. The disclosure for this sale can be found here. Insiders sold 34,159 shares of company stock worth $8,621,932 over the last quarter. 3.30% of the stock is currently owned by company insiders.

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Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.