Wall Street brokerages expect that Essex Property Trust Inc (NYSE:ESS) will post sales of $354.02 million for the current quarter, according to Zacks Investment Research. Eleven analysts have provided estimates for Essex Property Trust’s earnings, with the highest sales estimate coming in at $357.09 million and the lowest estimate coming in at $348.39 million. Essex Property Trust reported sales of $347.26 million during the same quarter last year, which indicates a positive year over year growth rate of 1.9%. The business is expected to issue its next quarterly earnings results on Wednesday, May 1st.
According to Zacks, analysts expect that Essex Property Trust will report full year sales of $1.44 billion for the current year, with estimates ranging from $1.43 billion to $1.46 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.51 billion, with estimates ranging from $1.47 billion to $1.54 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 issued its quarterly earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $3.19. The business had revenue of $353.16 million for the quarter, compared to analysts’ expectations of $351.76 million. Essex Property Trust had a net margin of 27.87% and a return on equity of 5.74%. During the same quarter last year, the company posted $3.01 EPS.
Several research analysts have recently weighed in on the stock. BMO Capital Markets reiterated a “hold” rating and set a $260.00 price target on shares of Essex Property Trust in a research note on Wednesday, January 30th. Wells Fargo & Co upgraded shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $262.00 to $284.00 in a research note on Tuesday, December 11th. Barclays lifted their price target on shares of Essex Property Trust from $258.00 to $262.00 and gave the stock an “overweight” rating in a research note on Thursday, November 15th. Morgan Stanley lifted their price target on shares of Essex Property Trust from $260.00 to $292.00 and gave the stock an “overweight” rating in a research note on Monday, December 17th. Finally, Citigroup set a $275.00 price target on shares of Essex Property Trust and gave the stock a “hold” rating in a research note on Tuesday, February 5th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $269.54.
Shares of Essex Property Trust stock traded up $1.21 on Wednesday, hitting $283.50. 320,136 shares of the company’s stock were exchanged, compared to its average volume of 309,557. The stock has a market capitalization of $18.73 billion, a PE ratio of 22.55, a P/E/G ratio of 3.78 and a beta of 0.49. Essex Property Trust has a 1 year low of $226.22 and a 1 year high of $286.05. 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 also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 29th will be paid a dividend of $1.95 per share. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.75%. Essex Property Trust’s payout ratio is 59.19%.
In related news, insider John D. Eudy sold 5,000 shares of Essex Property Trust stock in a transaction on Friday, December 21st. The shares were sold at an average price of $256.98, for a total transaction of $1,284,900.00. Following the transaction, the insider now owns 15,455 shares in the company, valued at approximately $3,971,625.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Byron A. Scordelis sold 2,324 shares of Essex Property Trust stock in a transaction on Friday, February 8th. The shares were sold at an average price of $277.44, for a total transaction of $644,770.56. Following the transaction, the director now owns 4,824 shares in the company, valued at approximately $1,338,370.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,986 shares of company stock worth $3,202,793. 3.40% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ESS. Ironwood Financial llc purchased a new position in shares of Essex Property Trust during the 4th quarter valued at $25,000. Bronfman E.L. Rothschild L.P. increased its holdings in Essex Property Trust by 21.7% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 258 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 46 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Essex Property Trust in the 4th quarter valued at $87,000. Capital Guardian Trust Co. bought a new stake in Essex Property Trust in the 3rd quarter valued at $113,000. Finally, Loeb Partners Corp bought a new stake in Essex Property Trust in the 4th quarter valued at $123,000. Institutional investors own 96.47% of the company’s stock.
About Essex Property Trust
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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.
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