Essex Property Trust (NYSE:ESS – Get Rating) updated its earnings guidance for the second quarter of 2022 on Tuesday. The company provided EPS guidance of $3.55 to $3.61 for the period. The company gave a sales forecast of -. The Essex Property Trust also updated its guidance for fiscal 2022 to between $14.00 and $14.32 per share.
Several equity analysts have recently issued reports on the stock. Morgan Stanley lowered its price target on Essex Property Trust shares to $313.00 from $343.00 and gave the stock an equal weight rating in a research note on Wednesday, May 25. TheStreet downgraded the shares of Essex Property Trust from a B rating to a C+ rating in a research note on Friday 13th May. Barclays downgraded shares of Essex Property Trust in a research note on Tuesday, April 10. Evercore ISI put a price target of $333.00 on shares of Essex Property Trust in a research report on Monday. Finally, on Thursday, June 9th, Stifel Nicolaus lowered his price target on shares of Essex Property Trust from $390.00 to $352.00 in a research report. Two analysts have assigned a sell rating to the stock, eight have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $343.50.
ESS opened at $256.08 on Tuesday. The Essex Property Trust has a 12-month low of $250.62 and a 12-month high of $363.36. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt to equity ratio of 0.98. The company has a market cap of $16.73 billion, a price-to-earnings ratio of 42.40, a PEG ratio of 2.98 and a beta of 0.75. The company has a 50-day simple moving average of $302.28 and a 200-day simple moving average of $325.35.
The Essex Property Trust (NYSE:ESS – Get Rating) last released its quarterly earnings data on Tuesday, April 26th. The Real Estate Investment Trust reported earnings per share of $1.12 for the quarter, missing analyst consensus estimates of $3.35 ($2.23). Essex Property Trust had a net margin of 26.81% and a return on equity of 5.25%. In the same quarter last year, the company earned $3.07 per share. On average, analysts are forecasting that Essex Property Trust will report earnings per share of 14.08 for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30 will receive a dividend of $2.20. The ex-dividend date of this dividend is Wednesday June 29th. That equates to an annualized dividend of $8.80 and a dividend yield of 3.44%. Essex Property Trust’s payout ratio is currently 145.70%.
In other Essex Property Trust news, CEO Michael J. Schall sold 12,132 shares of the company in a transaction Tuesday March 29th. The shares were sold at an average price of $349.19 for a total transaction of $4,236,373.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In addition, COO Angela L. Kleiman sold 6,309 shares of the company’s stock in a transaction Tuesday, March 29. The shares were sold at an average price of $354.21 for a total transaction of $2,234,710.89. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s shares.
Several institutional investors and hedge funds have recently changed their positions in ESS. Barclays PLC increased its stake in Essex Property Trust by 2.7% in the fourth quarter. Barclays PLC now owns 97,096 shares of the Real Estate Investment Trust valued at $34,200,000 after purchasing an additional 2,556 shares last quarter. Cetera Investment Advisers acquired a new position in Essex Property Trust stock valued at approximately $203,000 during the fourth quarter. MML Investors Services LLC increased its holdings of shares in 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 valued at $512,000 after purchasing an additional 231 shares during the period. Amalgamated Bank increased its holdings in Essex Property Trust shares by 2.1% in the fourth quarter. Amalgamated Bank now owns 18,230 shares of Real Estate Investment Trust valued at $6,421,000 after purchasing an additional 376 shares during the period. Finally, NEXT Financial Group Inc increased its holdings of shares in Essex Property Trust by 24.5% in the fourth quarter. NEXT Financial Group Inc now owns 244 shares of the Real Estate Investment Trust valued at $86,000 after purchasing an additional 48 shares during the period. 96.09% of the shares are currently owned by institutional investors.
About Essex Property Trust (received rating)
Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, rehabilitates and manages multifamily residential properties in select West Coast markets. Essex currently owns interests in 246 communities comprising approximately 60,000 houses and a further 6 properties at various stages of active development.
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