Essex Property Trust (ESS) Issues FY19 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its FY19 earnings guidance on Wednesday morning. The company provided EPS guidance of $12.90-13.25 for the period, compared to the Thomson Reuters consensus EPS estimate of $13.09. Essex Property Trust also updated its FY 2019 guidance to $12.90-13.25 EPS.

NYSE:ESS traded up $1.76 during mid-day trading on Wednesday, hitting $278.66. 341,743 shares of the company traded hands, compared to its average volume of 300,536. Essex Property Trust has a one year low of $226.22 and a one year high of $294.61. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market capitalization of $18.28 billion, a PE ratio of 22.17, a P/E/G ratio of 3.69 and a beta of 0.48.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.19 by $0.04. Essex Property Trust had a return on equity of 5.74% and a net margin of 27.87%. During the same quarter last year, the firm earned $3.09 earnings per share. Equities analysts forecast that Essex Property Trust will post 13.07 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 2.80%. The ex-dividend date was Thursday, March 28th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $1.86. Essex Property Trust’s payout ratio is currently 62.05%.

ESS has been the subject of several recent research reports. Jefferies Financial Group lowered Essex Property Trust from a buy rating to a hold rating and boosted their price target for the company from $290.00 to $295.00 in a report on Thursday, February 7th. They noted that the move was a valuation call. BMO Capital Markets reissued a hold rating and set a $295.00 price target on shares of Essex Property Trust in a report on Monday, March 25th. Barclays raised Essex Property Trust from a neutral rating to a positive rating in a report on Monday, February 4th. Citigroup set a $275.00 price target on Essex Property Trust and gave the company a hold rating in a report on Tuesday, February 5th. Finally, KeyCorp upped their price objective on Essex Property Trust from $268.00 to $301.00 and gave the stock an overweight rating in a research note on Tuesday, March 19th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $279.57.

In other news, insider John D. Eudy sold 3,750 shares of the company’s stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $276.06, for a total value of $1,035,225.00. Following the completion of the transaction, the insider now owns 14,205 shares of the company’s stock, valued at $3,921,432.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John D. Eudy sold 3,000 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $291.56, for a total value of $874,680.00. Following the completion of the transaction, the insider now directly owns 10,642 shares of the company’s stock, valued at approximately $3,102,781.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,184 shares of company stock valued at $4,904,753. Corporate insiders own 3.60% of the company’s stock.

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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 245 apartment communities 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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