Analysts forecast that Essex Property Trust Inc (NYSE:ESS) will announce $352.25 million in sales for the current quarter, Zacks reports. Nine analysts have made estimates for Essex Property Trust’s earnings, with the lowest sales estimate coming in at $346.80 million and the highest estimate coming in at $355.78 million. Essex Property Trust reported sales of $345.06 million during the same quarter last year, which would suggest a positive year over year growth rate of 2.1%. The firm is expected to issue its next quarterly earnings results on Wednesday, February 6th.
According to Zacks, analysts expect that Essex Property Trust will report full year sales of $1.40 billion for the current fiscal year, with estimates ranging from $1.39 billion to $1.40 billion. For the next fiscal year, analysts forecast that the firm will report sales of $1.45 billion, with estimates ranging from $1.44 billion to $1.48 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Essex Property Trust.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing the Zacks’ consensus estimate of $3.14 by ($1.92). Essex Property Trust had a net margin of 27.01% and a return on equity of 5.52%. The company had revenue of $350.92 million for the quarter, compared to the consensus estimate of $351.58 million. During the same quarter last year, the company earned $2.98 earnings per share.
A number of research analysts have commented on the stock. Citigroup downgraded shares of Essex Property Trust from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $280.00 to $260.00 in a research note on Friday, September 14th. Stifel Nicolaus reiterated a “buy” rating and set a $275.00 price objective on shares of Essex Property Trust in a research note on Wednesday, October 31st. Mitsubishi UFJ Financial Group raised their price target on shares of Essex Property Trust from $266.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 31st. ValuEngine upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $269.00 price target on shares of Essex Property Trust in a research report on Thursday, August 30th. Eleven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Essex Property Trust currently has a consensus rating of “Buy” and an average price target of $264.84.
NYSE ESS traded down $1.72 during trading hours on Tuesday, reaching $263.96. 17,421 shares of the company traded hands, compared to its average volume of 306,071. Essex Property Trust has a 12 month low of $214.03 and a 12 month high of $265.94. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.31 and a quick ratio of 1.31. The company has a market capitalization of $17.15 billion, a price-to-earnings ratio of 22.13, a price-to-earnings-growth ratio of 3.41 and a beta of 0.23.
In related news, CEO Michael J. Schall sold 3,012 shares of the stock in a transaction dated Wednesday, October 24th. The shares were sold at an average price of $252.63, for a total value of $760,921.56. Following the sale, the chief executive officer now owns 47,997 shares of the company’s stock, valued at approximately $12,125,482.11. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael J. Schall sold 333 shares of the stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $254.03, for a total transaction of $84,591.99. Following the completion of the sale, the insider now directly owns 45,318 shares in the company, valued at approximately $11,512,131.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,429 shares of company stock worth $1,626,398. Insiders own 3.30% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in shares of Essex Property Trust by 1.1% in the 3rd quarter. BlackRock Inc. now owns 6,890,158 shares of the real estate investment trust’s stock worth $1,699,871,000 after acquiring an additional 78,034 shares during the period. Cohen & Steers Inc. increased its holdings in shares of Essex Property Trust by 18.3% in the 3rd quarter. Cohen & Steers Inc. now owns 6,591,248 shares of the real estate investment trust’s stock worth $1,626,127,000 after acquiring an additional 1,021,374 shares during the period. Daiwa Securities Group Inc. increased its stake in Essex Property Trust by 24.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,094,825 shares of the real estate investment trust’s stock valued at $516,815,000 after buying an additional 411,401 shares during the period. JPMorgan Chase & Co. increased its stake in Essex Property Trust by 35.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock valued at $363,125,000 after buying an additional 386,035 shares during the period. Finally, Cbre Clarion Securities LLC increased its stake in Essex Property Trust by 59.4% during the 2nd quarter. Cbre Clarion Securities LLC now owns 1,377,419 shares of the real estate investment trust’s stock valued at $329,300,000 after buying an additional 513,352 shares during the period. 96.93% of the stock is currently owned by institutional investors and hedge funds.
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 248 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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