Essex Property Trust, Inc. Expected to Post Q3 2017 Earnings of $2.93 Per Share (ESS)

Essex Property Trust, Inc. (NYSE:ESS) – Research analysts at Jefferies Group reduced their Q3 2017 earnings per share estimates for shares of Essex Property Trust in a report released on Monday. Jefferies Group analyst O. Okusanya now anticipates that the real estate investment trust will post earnings of $2.93 per share for the quarter, down from their previous forecast of $2.97. Jefferies Group currently has a “Neutral” rating on the stock.

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 during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $2.74 EPS.

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A number of other research firms also recently commented on ESS. Canaccord Genuity set a $270.00 price target on Essex Property Trust and gave the company a “hold” rating in a research note on Monday, July 31st. Morgan Stanley boosted their target price on Essex Property Trust from $260.00 to $267.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada reissued an “outperform” rating and set a $276.00 target price (up previously from $267.00) on shares of Essex Property Trust in a research note on Sunday, August 13th. Stifel Nicolaus initiated coverage on Essex Property Trust in a research note on Friday, September 1st. They set a “buy” rating and a $294.00 target price for the company. Finally, Zacks Investment Research raised Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 target price for the company in a research note on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $268.27.

Shares of Essex Property Trust (ESS) opened at 261.21 on Tuesday. The company has a market cap of $17.24 billion, a price-to-earnings ratio of 33.59 and a beta of 0.53. Essex Property Trust has a one year low of $200.01 and a one year high of $270.04. The firm’s 50-day moving average is $259.73 and its 200-day moving average is $256.48.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were paid a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 2.68%. The ex-dividend date was Thursday, September 28th. Essex Property Trust’s dividend payout ratio is currently 89.97%.

In other news, insider John F. Burkart sold 333 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $261.84, for a total value of $87,192.72. Following the completion of the transaction, the insider now owns 4,818 shares of the company’s stock, valued at $1,261,545.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Angela L. Kleiman sold 2,466 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $263.37, for a total value of $649,470.42. Following the completion of the transaction, the insider now directly owns 9,643 shares of the company’s stock, valued at approximately $2,539,676.91. The disclosure for this sale can be found here. Insiders sold 11,397 shares of company stock valued at $3,022,662 in the last ninety days. 3.30% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in ESS. PNC Financial Services Group Inc. increased its stake in shares of Essex Property Trust by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 6,507 shares of the real estate investment trust’s stock valued at $1,506,000 after buying an additional 66 shares during the period. Global X Management Co. LLC increased its stake in shares of Essex Property Trust by 35.8% in the first quarter. Global X Management Co. LLC now owns 1,600 shares of the real estate investment trust’s stock valued at $370,000 after buying an additional 422 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Essex Property Trust in the first quarter valued at approximately $405,000. UBS Group AG increased its stake in shares of Essex Property Trust by 32.7% in the first quarter. UBS Group AG now owns 37,536 shares of the real estate investment trust’s stock valued at $8,690,000 after buying an additional 9,241 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Essex Property Trust by 1,528.6% in the first quarter. Renaissance Technologies LLC now owns 114,000 shares of the real estate investment trust’s stock valued at $26,394,000 after buying an additional 107,000 shares during the period. 99.45% of the stock is owned by institutional investors.

About Essex Property Trust

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.

Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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