Brokerages Expect Essex Property Trust Inc (ESS) Will Announce Earnings of $3.19 Per Share

Brokerages expect Essex Property Trust Inc (NYSE:ESS) to announce earnings per share of $3.19 for the current fiscal quarter, Zacks Investment Research reports. Eleven analysts have provided estimates for Essex Property Trust’s earnings. The highest EPS estimate is $3.21 and the lowest is $3.16. Essex Property Trust reported earnings of $3.09 per share in the same quarter last year, which would suggest a positive year over year growth rate of 3.2%. The firm is scheduled to report its next quarterly earnings results on Wednesday, May 1st.

On average, analysts expect that Essex Property Trust will report full year earnings of $13.07 per share for the current year, with EPS estimates ranging from $12.96 to $13.14. For the next financial year, analysts anticipate that the business will post earnings of $13.83 per share, with EPS estimates ranging from $13.60 to $13.96. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that cover Essex Property Trust.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.19. Essex Property Trust had a return on equity of 5.74% and a net margin of 27.87%. The business had revenue of $353.16 million for the quarter, compared to the consensus estimate of $351.76 million. During the same quarter in the prior year, the company earned $3.01 EPS.

ESS has been the topic of a number of recent research reports. JPMorgan Chase & Co. downgraded Essex Property Trust from an “overweight” rating to a “neutral” rating in a research report on Wednesday, December 19th. Barclays raised Essex Property Trust from a “neutral” rating to a “positive” rating in a research report on Monday, February 4th. Janney Montgomery Scott raised Essex Property Trust from a “neutral” rating to a “buy” rating and set a $255.60 price target on the stock in a research report on Wednesday, December 19th. Jefferies Financial Group raised their price objective on Essex Property Trust to $262.00 in a research report on Sunday, December 2nd. Finally, Morgan Stanley raised their price objective on Essex Property Trust from $260.00 to $292.00 and gave the company an “overweight” rating in a research report on Monday, December 17th. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Essex Property Trust has an average rating of “Buy” and a consensus target price of $279.11.

In other Essex Property Trust news, CFO Angela L. Kleiman sold 1,177 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $289.72, for a total value of $341,000.44. Following the completion of the sale, the chief financial officer now owns 6,916 shares of the company’s stock, valued at $2,003,703.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider John D. Eudy sold 3,750 shares of the firm’s stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $276.06, for a total value of $1,035,225.00. Following the completion of the sale, the insider now directly owns 14,205 shares of the company’s stock, valued at approximately $3,921,432.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,184 shares of company stock worth $4,030,073. 3.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Dean Investment Associates LLC boosted its holdings in Essex Property Trust by 1.1% in the fourth quarter. Dean Investment Associates LLC now owns 3,977 shares of the real estate investment trust’s stock worth $975,000 after acquiring an additional 42 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its holdings in Essex Property Trust by 21.7% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 258 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 46 shares in the last quarter. Moody National Bank Trust Division raised its stake in shares of Essex Property Trust by 1.1% in the fourth quarter. Moody National Bank Trust Division now owns 5,324 shares of the real estate investment trust’s stock worth $1,306,000 after purchasing an additional 56 shares during the last quarter. Comerica Bank raised its stake in shares of Essex Property Trust by 0.3% in the fourth quarter. Comerica Bank now owns 22,468 shares of the real estate investment trust’s stock worth $6,042,000 after purchasing an additional 59 shares during the last quarter. Finally, GWM Advisors LLC raised its stake in shares of Essex Property Trust by 4.2% in the fourth quarter. GWM Advisors LLC now owns 1,793 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 72 shares during the last quarter. 96.99% of the stock is owned by institutional investors and hedge funds.

Shares of ESS traded up $3.99 during midday trading on Tuesday, reaching $292.86. 164,639 shares of the stock were exchanged, compared to its average volume of 303,189. Essex Property Trust has a 52 week low of $226.22 and a 52 week high of $294.61. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $19.10 billion, a price-to-earnings ratio of 23.30, a PEG ratio of 3.91 and a beta of 0.47.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 29th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $7.80 dividend on an annualized basis and a yield of 2.66%. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.86. Essex Property Trust’s dividend payout ratio (DPR) is presently 59.19%.

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. Essex currently has ownership interests in 245 apartment communities with an additional 6 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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