Essex Property Trust Inc (NYSE:ESS) declared a quarterly dividend on Thursday, May 16th, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be given a dividend of 1.95 per share by the real estate investment trust on Friday, July 12th. This represents a $7.80 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Thursday, June 27th.
Essex Property Trust has raised its dividend payment by an average of 9.3% per year over the last three years and has increased its dividend every year for the last 25 years. Essex Property Trust has a dividend payout ratio of 62.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Essex Property Trust to earn $13.85 per share next year, which means the company should continue to be able to cover its $7.80 annual dividend with an expected future payout ratio of 56.3%.
ESS traded up $3.36 during mid-day trading on Thursday, reaching $285.94. 199,562 shares of the stock were exchanged, compared to its average volume of 295,473. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $18.63 billion, a price-to-earnings ratio of 22.75, a P/E/G ratio of 3.82 and a beta of 0.45. Essex Property Trust has a 1 year low of $226.22 and a 1 year high of $294.61.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.19 by $0.04. The firm had revenue of $356.22 million for the quarter, compared to the consensus estimate of $353.55 million. Essex Property Trust had a net margin of 29.67% and a return on equity of 6.50%. During the same period in the previous year, the firm earned $3.09 EPS. As a group, equities analysts anticipate that Essex Property Trust will post 13.11 EPS for the current year.
A number of equities analysts recently weighed in on the stock. KeyCorp boosted their price target on shares of Essex Property Trust from $268.00 to $301.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Barclays upgraded Essex Property Trust from a “neutral” rating to a “positive” rating in a research note on Monday, February 4th. Citigroup set a $275.00 price objective on Essex Property Trust and gave the company a “hold” rating in a research note on Tuesday, February 5th. Zacks Investment Research cut Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, BTIG Research cut Essex Property Trust from a “buy” rating to a “neutral” rating in a research report on Monday, March 25th. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $282.17.
In other news, CFO Angela L. Kleiman sold 1,177 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $289.72, for a total transaction of $341,000.44. Following the completion of the transaction, the chief financial officer now owns 6,916 shares of the company’s stock, valued at $2,003,703.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John F. Burkart sold 1,413 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $290.22, for a total value of $410,080.86. Following the transaction, the executive vice president now directly owns 5,332 shares of the company’s stock, valued at approximately $1,547,453.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,110 shares of company stock worth $3,224,758. Company insiders own 3.60% of the company’s stock.
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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 245 apartment communities with an additional 6 properties in various stages of active development.
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