Essex Property Trust (NYSE:ESS) Issues Earnings Results

Essex Property Trust (NYSE:ESS) released its quarterly earnings data on Tuesday. The real estate investment trust reported $3.92 EPS for the quarter, beating the consensus estimate of $1.40 by $2.52, Zacks reports. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%.

Essex Property Trust Stock Performance

Shares of NYSE:ESS traded up $3.09 during midday trading on Tuesday, reaching $287.48. 530,854 shares of the company traded hands, compared to its average volume of 460,861. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.13. Essex Property Trust has a 12 month low of $223.06 and a 12 month high of $317.73. The firm has a market capitalization of $18.48 billion, a price-to-earnings ratio of 33.58, a price-to-earnings-growth ratio of 6.60 and a beta of 0.92. The firm’s fifty day moving average price is $288.23 and its two-hundred day moving average price is $292.31.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd were paid a $2.45 dividend. The ex-dividend date was Thursday, January 2nd. This represents a $9.80 annualized dividend and a dividend yield of 3.41%. Essex Property Trust’s payout ratio is presently 114.49%.

Analyst Upgrades and Downgrades

ESS has been the subject of several recent research reports. Raymond James downgraded Essex Property Trust from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. JMP Securities restated a “market perform” rating on shares of Essex Property Trust in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft raised Essex Property Trust from a “hold” rating to a “buy” rating and lifted their target price for the company from $308.00 to $310.00 in a research report on Tuesday, January 21st. Barclays cut their target price on Essex Property Trust from $316.00 to $302.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Finally, Mizuho cut their target price on Essex Property Trust from $325.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $304.32.

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.