Essex Property Trust, Inc. (NYSE:ESS – Get Rating) – Jefferies Financial Group upped their Q2 2022 earnings per share (EPS) estimates for Essex Property Trust in a research report issued on Wednesday, May 11th. Jefferies Financial Group analyst J. Petersen now expects that the real estate investment trust will earn $3.51 per share for the quarter, up from their previous forecast of $3.50. Jefferies Financial Group also issued estimates for Essex Property Trust’s Q3 2022 earnings at $3.54 EPS, Q4 2022 earnings at $3.65 EPS, FY2022 earnings at $14.07 EPS, Q1 2023 earnings at $3.74 EPS, Q2 2023 earnings at $3.85 EPS, Q3 2023 earnings at $3.79 EPS, Q4 2023 earnings at $3.84 EPS, FY2023 earnings at $15.22 EPS, Q1 2024 earnings at $3.90 EPS, FY2024 earnings at $15.92 EPS and FY2025 earnings at $16.78 EPS.
ESS has been the subject of several other reports. StockNews.com assumed coverage on shares of Essex Property Trust in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Barclays lowered shares of Essex Property Trust from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $367.00 to $310.00 in a research note on Tuesday. Mizuho cut their price objective on shares of Essex Property Trust from $382.00 to $342.00 and set a “buy” rating on the stock in a research report on Wednesday, February 16th. Piper Sandler cut their price objective on shares of Essex Property Trust from $420.00 to $400.00 in a research report on Wednesday, May 4th. Finally, KeyCorp raised their price target on shares of Essex Property Trust from $363.00 to $371.00 and gave the company an “overweight” rating in a report on Thursday, January 13th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Essex Property Trust currently has a consensus rating of “Hold” and a consensus price target of $358.13.
Essex Property Trust (NYSE:ESS – Get Rating) last issued its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $1.12 EPS for the quarter, missing the consensus estimate of $3.35 by ($2.23). Essex Property Trust had a return on equity of 5.25% and a net margin of 26.81%. During the same quarter in the prior year, the business earned $3.07 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend is Wednesday, June 29th. Essex Property Trust’s dividend payout ratio is currently 145.70%.
In related news, CEO Michael J. Schall sold 12,132 shares of the company’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 value of $4,236,373.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Angela L. Kleiman sold 6,309 shares of the company’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. Insiders own 3.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ESS. Norges Bank acquired a new position in Essex Property Trust in the 4th quarter valued at $721,012,000. Cohen & Steers Inc. boosted its stake in shares of Essex Property Trust by 8.9% in the 3rd quarter. Cohen & Steers Inc. now owns 5,535,111 shares of the real estate investment trust’s stock valued at $1,769,943,000 after buying an additional 450,710 shares during the period. Boston Partners raised its position in shares of Essex Property Trust by 43.1% during the 1st quarter. Boston Partners now owns 858,462 shares of the real estate investment trust’s stock worth $296,594,000 after acquiring an additional 258,581 shares in the last quarter. BlackRock Inc. grew its stake in shares of Essex Property Trust by 3.8% in the 4th quarter. BlackRock Inc. now owns 6,686,520 shares of the real estate investment trust’s stock valued at $2,355,194,000 after purchasing an additional 242,033 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Essex Property Trust by 4.8% in the 4th quarter. State Street Corp now owns 4,902,579 shares of the real estate investment trust’s stock valued at $1,736,904,000 after purchasing an additional 224,989 shares during the last quarter. Institutional investors and hedge funds own 96.09% 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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