Analysts Expect Essex Property Trust Inc (ESS) Will Announce Quarterly Sales of $347.94 Million

Analysts expect Essex Property Trust Inc (NYSE:ESS) to announce sales of $347.94 million for the current quarter, according to Zacks. Seven analysts have provided estimates for Essex Property Trust’s earnings, with estimates ranging from $344.80 million to $351.71 million. Essex Property Trust reported sales of $339.06 million in the same quarter last year, which indicates a positive year-over-year growth rate of 2.6%. The company is scheduled to report its next quarterly earnings report on Thursday, July 26th.

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 $1.42 billion. For the next financial year, analysts anticipate that the company will report sales of $1.45 billion per share, with estimates ranging from $1.43 billion to $1.50 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Essex Property Trust.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Wednesday, May 2nd. The real estate investment trust reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.28. Essex Property Trust had a return on equity of 5.10% and a net margin of 25.08%. The business had revenue of $347.26 million during the quarter, compared to analysts’ expectations of $347.53 million. During the same quarter in the previous year, the business earned $2.94 EPS.

A number of analysts have recently issued reports on the company. Sandler O’Neill reiterated a “hold” rating and set a $250.00 target price on shares of Essex Property Trust in a report on Tuesday, March 20th. Cantor Fitzgerald set a $264.00 target price on Essex Property Trust and gave the stock a “buy” rating in a report on Wednesday, February 21st. ValuEngine cut Essex Property Trust from a “hold” rating to a “sell” rating in a report on Thursday, May 17th. Mizuho upgraded Essex Property Trust from an “underperform” rating to a “neutral” rating and set a $223.00 price target for the company in a report on Friday, February 9th. They noted that the move was a valuation call. Finally, Wells Fargo & Co restated a “market perform” rating and issued a $251.00 price target (down previously from $263.00) on shares of Essex Property Trust in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $264.25.

Shares of NYSE:ESS opened at $239.03 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.17 and a quick ratio of 1.17. Essex Property Trust has a 1 year low of $214.03 and a 1 year high of $270.04. The stock has a market cap of $15.48 billion, a PE ratio of 20.15, a PEG ratio of 3.10 and a beta of 0.38.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Thursday, June 28th. Essex Property Trust’s payout ratio is 62.47%.

In other Essex Property Trust news, insider John F. Burkart sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 11th. The stock was sold at an average price of $243.19, for a total value of $607,975.00. Following the transaction, the insider now directly owns 7,429 shares of the company’s stock, valued at approximately $1,806,658.51. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.30% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates raised its position in shares of Essex Property Trust by 1.3% in the 4th quarter. Raymond James & Associates now owns 17,596 shares of the real estate investment trust’s stock valued at $4,247,000 after purchasing an additional 224 shares in the last quarter. Gotham Asset Management LLC raised its position in shares of Essex Property Trust by 25.1% during the 4th quarter. Gotham Asset Management LLC now owns 1,157 shares of the real estate investment trust’s stock valued at $279,000 after acquiring an additional 232 shares in the last quarter. Flinton Capital Management LLC raised its position in shares of Essex Property Trust by 12.6% during the 4th quarter. Flinton Capital Management LLC now owns 2,144 shares of the real estate investment trust’s stock valued at $517,000 after acquiring an additional 240 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of Essex Property Trust by 7.3% during the 1st quarter. Riverhead Capital Management LLC now owns 3,666 shares of the real estate investment trust’s stock valued at $882,000 after acquiring an additional 250 shares in the last quarter. Finally, LPL Financial LLC raised its position in shares of Essex Property Trust by 24.7% during the 4th quarter. LPL Financial LLC now owns 1,279 shares of the real estate investment trust’s stock valued at $309,000 after acquiring an additional 253 shares in the last quarter. 97.44% of the stock is currently owned by institutional investors.

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. The Company currently has ownership interests in 247 apartment communities comprising more than 60,000 apartment homes with an additional 7 properties in various stages of active development.

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

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