Essex Property Trust (NYSE:ESS) announced its earnings results on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share for the quarter, missing the consensus estimate of $3.14 by ($1.92), MarketWatch Earnings reports. The business had revenue of $350.92 million for the quarter, compared to analyst estimates of $351.58 million. Essex Property Trust had a net margin of 27.01% and a return on equity of 5.52%. During the same quarter in the prior year, the business earned $2.98 earnings per share. Essex Property Trust updated its Q4 guidance to $3.13-3.23 EPS and its FY 2018 guidance to $12.51-12.61 EPS.
NYSE:ESS traded up $0.38 during mid-day trading on Thursday, reaching $258.74. The stock had a trading volume of 266,120 shares, compared to its average volume of 530,360. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.31 and a current ratio of 1.31. Essex Property Trust has a 1-year low of $214.03 and a 1-year high of $262.23. The company has a market capitalization of $17.07 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 3.39 and a beta of 0.20.
In other Essex Property Trust news, insider John F. Burkart sold 834 shares of Essex Property Trust stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $256.11, for a total value of $213,595.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John D. Eudy sold 1,834 shares of Essex Property Trust stock in a transaction that occurred on Wednesday, October 24th. The shares were sold at an average price of $252.13, for a total value of $462,406.42. Following the completion of the transaction, the insider now owns 11,486 shares of the company’s stock, valued at $2,895,965.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,429 shares of company stock valued at $1,626,398. 3.30% of the stock is currently owned by insiders.
Several analysts have recently weighed in on ESS shares. Zacks Investment Research downgraded Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Stifel Nicolaus upgraded Essex Property Trust from a “hold” rating to a “buy” rating and raised their target price for the company from $235.00 to $260.00 in a research note on Thursday, August 2nd. Mizuho restated a “hold” rating and set a $263.00 target price on shares of Essex Property Trust in a research note on Monday, August 6th. DA Davidson restated a “neutral” rating on shares of Essex Property Trust in a research note on Monday, August 6th. Finally, Royal Bank of Canada restated a “buy” rating and set a $269.00 target price on shares of Essex Property Trust in a research note on Thursday, August 30th. Twelve analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $264.05.
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Essex Property Trust Company Profile
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. The Company currently has ownership interests in 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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