Essex Property Trust, Inc. (NYSE:ESS) released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.05, Bloomberg Earnings reports. 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 during the quarter, compared to analysts’ expectations of $336.17 million. During the same period in the prior year, the business posted $2.74 EPS. Essex Property Trust updated its Q3 guidance to $2.88-2.98 EPS and its FY17 guidance to $11.71-11.96 EPS.
Essex Property Trust (NYSE ESS) traded up 0.45% during mid-day trading on Tuesday, reaching $262.69. The company’s stock had a trading volume of 394,297 shares. Essex Property Trust has a 52 week low of $200.01 and a 52 week high of $268.97. The firm has a market capitalization of $17.33 billion, a P/E ratio of 33.78 and a beta of 0.52. The firm’s 50 day moving average price is $261.14 and its 200 day moving average price is $244.46.
The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were given a dividend of $1.75 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $7.00 dividend on an annualized basis and a yield of 2.66%. Essex Property Trust’s payout ratio is 89.97%.
In other news, insider Angela L. Kleiman sold 3,417 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $252.35, for a total value of $862,279.95. Following the sale, the insider now directly owns 10,594 shares of the company’s stock, valued at approximately $2,673,395.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John D. Eudy sold 4,301 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $252.40, for a total transaction of $1,085,572.40. Following the completion of the sale, the insider now directly owns 12,731 shares in the company, valued at $3,213,304.40. The disclosure for this sale can be found here. Insiders have sold a total of 27,492 shares of company stock valued at $6,963,783 in the last quarter. Corporate insiders own 3.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESS. Muzinich & Co. Inc. boosted its position in Essex Property Trust by 246.5% in the first quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 392 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Essex Property Trust by 118.0% in the first quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock valued at $151,000 after buying an additional 354 shares in the last quarter. FNY Partners Fund LP bought a new position in Essex Property Trust during the first quarter valued at $165,000. Perigon Wealth Management LLC boosted its position in Essex Property Trust by 835.2% in the first quarter. Perigon Wealth Management LLC now owns 823 shares of the real estate investment trust’s stock valued at $192,000 after buying an additional 735 shares in the last quarter. Finally, Warren Averett Asset Management LLC acquired a new position in shares of Essex Property Trust during the first quarter worth about $201,000. 98.88% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on ESS shares. Canaccord Genuity set a $255.00 target price on Essex Property Trust and gave the company a “hold” rating in a report on Monday, May 1st. Cantor Fitzgerald reissued a “buy” rating and set a $278.00 target price on shares of Essex Property Trust in a research report on Thursday, July 27th. Zacks Investment Research raised Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Monday, April 24th. Barclays PLC lifted their price target on Essex Property Trust from $267.00 to $269.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 18th. Finally, BTIG Research lowered Essex Property Trust from a “buy” rating to a “neutral” rating in a research report on Friday, June 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $262.92.
About Essex Property Trust
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.
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