Essex Property Trust (NYSE:ESS) Releases Q2 2022 Earnings Guidance

Essex Property Trust (NYSE:ESSGet Rating) issued an update on its second quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.430-$3.550 for the period. The company issued revenue guidance of -.Essex Property Trust also updated its FY 2022 guidance to $13.770-$14.130 EPS.

Shares of ESS stock traded down $3.35 on Tuesday, reaching $344.74. The stock had a trading volume of 272,160 shares, compared to its average volume of 311,972. The stock has a market cap of $22.44 billion, a P/E ratio of 46.35, a price-to-earnings-growth ratio of 4.23 and a beta of 0.76. Essex Property Trust has a 1 year low of $278.30 and a 1 year high of $363.36. The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.21 and a current ratio of 2.21. The company has a 50 day simple moving average of $338.68 and a 200 day simple moving average of $339.27.

Essex Property Trust (NYSE:ESSGet Rating) last released its quarterly earnings results on Wednesday, February 2nd. The real estate investment trust reported $2.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.24 by ($1.14). Essex Property Trust had a return on equity of 6.60% and a net margin of 33.91%. During the same period in the previous year, the company earned $3.02 earnings per share. On average, equities research analysts anticipate that Essex Property Trust will post 13.93 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, March 31st were paid a $2.20 dividend. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.09. This represents a $8.80 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Wednesday, March 30th. Essex Property Trust’s dividend payout ratio (DPR) is 117.18%.

A number of brokerages recently commented on ESS. KeyCorp raised their target price on Essex Property Trust from $363.00 to $371.00 and gave the stock an overweight rating in a report on Thursday, January 13th. Barclays raised their target price on Essex Property Trust from $335.00 to $367.00 in a report on Tuesday, January 18th. StockNews.com assumed coverage on Essex Property Trust in a report on Thursday, March 31st. They issued a hold rating on the stock. Mizuho decreased their price target on Essex Property Trust from $382.00 to $342.00 and set a buy rating on the stock in a report on Wednesday, February 16th. Finally, Morgan Stanley raised their price target on Essex Property Trust from $335.00 to $365.00 and gave the company an equal weight rating in a report on Friday, April 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $361.27.

In other Essex Property Trust news, CEO Michael J. Schall sold 12,132 shares of the business’s stock in a transaction that occurred on Tuesday, March 29th. The stock was sold at an average price of $349.19, for a total transaction of $4,236,373.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Angela L. Kleiman sold 6,309 shares of the business’s stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $354.21, for a total value of $2,234,710.89. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.

Several large investors have recently made changes to their positions in ESS. NEXT Financial Group Inc boosted its position in shares of Essex Property Trust by 24.5% during the fourth quarter. NEXT Financial Group Inc now owns 244 shares of the real estate investment trust’s stock valued at $86,000 after buying an additional 48 shares during the period. Cetera Investment Advisers purchased a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $203,000. Toroso Investments LLC boosted its holdings in shares of Essex Property Trust by 21.9% in the fourth quarter. Toroso Investments LLC now owns 780 shares of the real estate investment trust’s stock valued at $275,000 after purchasing an additional 140 shares during the period. MML Investors Services LLC boosted its holdings in shares of Essex Property Trust by 18.9% in the fourth quarter. MML Investors Services LLC now owns 1,453 shares of the real estate investment trust’s stock valued at $512,000 after purchasing an additional 231 shares during the period. Finally, Allstate Corp boosted its holdings in shares of Essex Property Trust by 22.2% in the fourth quarter. Allstate Corp now owns 4,159 shares of the real estate investment trust’s stock valued at $1,465,000 after purchasing an additional 756 shares during the period. Institutional investors and hedge funds own 92.64% of the company’s stock.

About Essex Property Trust (Get Rating)

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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