Essex Property Trust (NYSE:ESS) Issues FY 2022 Earnings Guidance

Essex Property Trust (NYSE:ESSGet Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $14.00-$14.32 for the period. The company issued revenue guidance of -.Essex Property Trust also updated its Q2 2022 guidance to $3.55-$3.61 EPS.

Shares of NYSE ESS traded up $0.84 during midday trading on Tuesday, hitting $277.39. The stock had a trading volume of 1,845 shares, compared to its average volume of 521,317. The company has a market cap of $18.12 billion, a P/E ratio of 45.79, a PEG ratio of 3.31 and a beta of 0.75. The business’s 50 day moving average is $319.61 and its 200-day moving average is $331.01. Essex Property Trust has a 52 week low of $275.33 and a 52 week high of $363.36. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.98.

Essex Property Trust (NYSE:ESSGet Rating) last announced its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 previous year, the firm earned $3.07 earnings per share. As a group, analysts expect that Essex Property Trust will post 14.06 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be paid a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 3.17%. The ex-dividend date is Wednesday, June 29th. Essex Property Trust’s dividend payout ratio is presently 145.70%.

ESS has been the topic of a number of analyst reports. Barclays downgraded shares of Essex Property Trust from an equal weight rating to an underweight rating and cut their price objective for the stock from $367.00 to $310.00 in a research report on Tuesday, May 10th. Morgan Stanley decreased their price objective on shares of Essex Property Trust from $343.00 to $313.00 and set an equal weight rating for the company in a research note on Wednesday, May 25th. StockNews.com started coverage on shares of Essex Property Trust in a report on Thursday, March 31st. They set a hold rating for the company. Truist Financial cut their target price on shares of Essex Property Trust from $370.00 to $323.00 and set a buy rating for the company in a report on Wednesday, May 25th. Finally, Piper Sandler cut their price target on shares of Essex Property Trust from $420.00 to $400.00 in a report on Wednesday, May 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $350.06.

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

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Essex Property Trust by 1.8% during the first quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock worth $3,667,195,000 after acquiring an additional 184,047 shares during the period. Renaissance Technologies LLC bought a new stake in Essex Property Trust during the first quarter worth $21,256,000. Northern Trust Corp increased its holdings in shares of Essex Property Trust by 3.5% during the first quarter. Northern Trust Corp now owns 1,104,124 shares of the real estate investment trust’s stock worth $381,453,000 after buying an additional 37,651 shares in the last quarter. Weiss Multi Strategy Advisers LLC acquired a new position in shares of Essex Property Trust during the first quarter worth $11,814,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Essex Property Trust by 4.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 631,443 shares of the real estate investment trust’s stock worth $218,152,000 after buying an additional 28,686 shares in the last quarter. 96.09% of the stock is currently owned by institutional investors and hedge funds.

Essex Property Trust Company Profile (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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