Equities research analysts expect Essex Property Trust Inc (NYSE:ESS) to post $351.32 million in sales for the current quarter, according to Zacks. Seven analysts have provided estimates for Essex Property Trust’s earnings, with the highest sales estimate coming in at $353.29 million and the lowest estimate coming in at $349.03 million. Essex Property Trust posted sales of $344.37 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 2%. The business is expected to report its next quarterly earnings report before the market opens on Monday, October 29th.
On average, analysts expect that Essex Property Trust will report full-year sales of $1.40 billion for the current year, with estimates ranging from $1.39 billion to $1.41 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.46 billion, with estimates ranging from $1.43 billion to $1.49 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Essex Property Trust.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $3.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.10 by $0.04. Essex Property Trust had a net margin of 27.05% and a return on equity of 5.52%. The firm had revenue of $348.72 million for the quarter, compared to the consensus estimate of $348.58 million. During the same period last year, the firm earned $2.97 earnings per share.
A number of research firms have recently issued reports on ESS. ValuEngine upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Zacks Investment Research downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Tuesday. Scotiabank began coverage on shares of Essex Property Trust in a research note on Tuesday. They issued an “outperform” rating for the company. 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 issued a $269.00 target price on shares of Essex Property Trust in a research note on Thursday, August 30th. Eleven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $263.35.
In other news, insider Angela L. Kleiman sold 750 shares of Essex Property Trust stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $240.80, for a total transaction of $180,600.00. Following the completion of the sale, the insider now directly owns 9,149 shares in the company, valued at $2,203,079.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 917 shares of company stock valued at $222,229 over the last quarter. Insiders own 3.30% of the company’s stock.
Several large investors have recently bought and sold shares of ESS. Cbre Clarion Securities LLC lifted its stake in shares of Essex Property Trust by 59.4% during the second quarter. Cbre Clarion Securities LLC now owns 1,377,419 shares of the real estate investment trust’s stock worth $329,300,000 after buying an additional 513,352 shares during the period. Millennium Management LLC lifted its stake in shares of Essex Property Trust by 43,018.5% during the second quarter. Millennium Management LLC now owns 482,496 shares of the real estate investment trust’s stock worth $115,350,000 after buying an additional 481,377 shares during the period. Daiwa Securities Group Inc. lifted its stake in shares of Essex Property Trust by 26.4% during the second quarter. Daiwa Securities Group Inc. now owns 1,683,424 shares of the real estate investment trust’s stock worth $402,457,000 after buying an additional 351,324 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Essex Property Trust by 54.9% during the second quarter. Renaissance Technologies LLC now owns 628,626 shares of the real estate investment trust’s stock worth $150,286,000 after buying an additional 222,800 shares during the period. Finally, Advisors Asset Management Inc. lifted its stake in shares of Essex Property Trust by 2,360.8% during the second quarter. Advisors Asset Management Inc. now owns 152,743 shares of the real estate investment trust’s stock worth $1,751,000 after buying an additional 146,536 shares during the period. Institutional investors and hedge funds own 96.19% of the company’s stock.
Shares of NYSE ESS traded up $1.50 during midday trading on Wednesday, reaching $245.64. 345,199 shares of the company’s stock traded hands, compared to its average volume of 462,558. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.85 and a current ratio of 1.85. Essex Property Trust has a one year low of $214.03 and a one year high of $264.07. The company has a market cap of $16.13 billion, a PE ratio of 20.62, a P/E/G ratio of 3.18 and a beta of 0.29.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were paid a $1.86 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $7.44 annualized dividend and a yield of 3.03%. Essex Property Trust’s dividend payout ratio (DPR) is 62.47%.
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 247 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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