Essex Property Trust, Inc. (NYSE:ESS) announced a quarterly dividend on Tuesday, September 19th, RTT News reports. Stockholders of record on Friday, September 29th will be given a dividend of 1.75 per share by the real estate investment trust on Monday, October 16th. This represents a $7.00 annualized dividend and a dividend yield of 2.72%.
Essex Property Trust has raised its dividend by an average of 9.7% per year over the last three years and has increased its dividend every year for the last 23 years. Essex Property Trust has a dividend payout ratio of 58.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Essex Property Trust to earn $4.72 per share next year, which means the company may not be able to cover its $7.00 annual dividend with an expected future payout ratio of 148.3%.
Essex Property Trust (ESS) traded down 1.06% during mid-day trading on Tuesday, hitting $257.41. 497,234 shares of the stock traded hands. The stock has a market cap of $16.99 billion, a PE ratio of 33.10 and a beta of 0.53. Essex Property Trust has a 12-month low of $200.01 and a 12-month high of $270.04. The company has a 50 day moving average of $263.92 and a 200-day moving average of $252.61.
Essex Property Trust (NYSE:ESS) last announced its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.05. The business had revenue of $339.06 million for the quarter, compared to analyst estimates of $336.17 million. Essex Property Trust had a net margin of 38.33% and a return on equity of 8.03%. During the same period last year, the firm posted $2.74 earnings per share. Equities research analysts forecast that Essex Property Trust will post $5.89 earnings per share for the current year.
In other Essex Property Trust news, insider John D. Eudy sold 166 shares of the business’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $253.79, for a total transaction of $42,129.14. Following the sale, the insider now directly owns 8,596 shares in the company, valued at approximately $2,181,578.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Schall sold 333 shares of the business’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $256.06, for a total transaction of $85,267.98. Following the sale, the insider now owns 45,096 shares in the company, valued at $11,547,281.76. The disclosure for this sale can be found here. Insiders have sold a total of 11,314 shares of company stock worth $2,999,949 over the last 90 days. Insiders own 3.30% of the company’s stock.
A number of equities analysts have recently issued reports on ESS shares. BMO Capital Markets set a $255.00 target price on shares of Essex Property Trust and gave the stock a “hold” rating in a research report on Thursday, May 25th. Jefferies Group LLC reiterated a “hold” rating and issued a $234.00 price objective on shares of Essex Property Trust in a research report on Tuesday, May 30th. Evercore ISI lowered shares of Essex Property Trust from an “in-line” rating to an “underperform” rating and set a $261.00 price objective on the stock. in a research report on Monday, June 12th. BidaskClub upgraded shares of Essex Property Trust from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 20th. Finally, BTIG Research lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a research report on Friday, June 30th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Essex Property Trust presently has an average rating of “Hold” and an average target price of $268.07.
Essex Property Trust Company Profile
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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