Essex Property Trust (NYSE:ESS) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Essex Property Trust (NYSE:ESS) released its quarterly earnings data on Tuesday. The real estate investment trust reported $4.00 EPS for the quarter, missing the consensus estimate of $4.01 by ($0.01), Briefing.com reports. The firm had revenue of $492.69 million for the quarter, compared to analyst estimates of $491.01 million. During the same quarter in the prior year, the business earned $3.97 earnings per share.

Essex Property Trust Stock Performance

Essex Property Trust stock opened at $274.16 on Wednesday. Essex Property Trust has a 12 month low of $238.46 and a 12 month high of $303.35. The business has a 50 day simple moving average of $275.85 and a 200-day simple moving average of $269.50.

Essex Property Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $2.59 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $10.36 dividend on an annualized basis and a dividend yield of 3.8%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Essex Property Trust from $275.00 to $295.00 and gave the company an “underweight” rating in a research note on Friday, August 14th. Cantor Fitzgerald boosted their target price on shares of Essex Property Trust from $291.00 to $316.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Barclays lowered their price target on shares of Essex Property Trust from $297.00 to $285.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 14th. Citigroup upgraded shares of Essex Property Trust from a “buy” rating to an “outperform” rating in a research report on Friday, July 31st. Finally, Evercore set a $299.00 price target on shares of Essex Property Trust in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Essex Property Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $298.99.

Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust that owns, develops, redevelops, and manages multifamily apartment communities. The company focuses on providing rental housing in high-demand markets and generates revenue primarily from apartment rents and related resident services.

Founded in 1971 and headquartered in San Mateo, California, Essex operates primarily in Southern California, the San Francisco Bay Area, and the Seattle metropolitan area.