Brokerages expect Essex Property Trust, Inc. (NYSE:ESS – Get Rating) to report $389.17 million in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Essex Property Trust’s earnings. The highest sales estimate is $394.40 million and the lowest is $378.41 million. Essex Property Trust posted sales of $350.98 million in the same quarter last year, which suggests a positive year over year growth rate of 10.9%. The firm is expected to announce its next earnings results on Monday, January 1st.
According to Zacks, analysts expect that Essex Property Trust will report full year sales of $1.58 billion for the current year, with estimates ranging from $1.56 billion to $1.60 billion. For the next financial year, analysts anticipate that the firm will report sales of $1.69 billion, with estimates ranging from $1.64 billion to $1.73 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Essex Property Trust.
Essex Property Trust (NYSE:ESS – Get Rating) last released its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $1.12 EPS for the quarter, missing the consensus estimate of $3.35 by ($2.23). Essex Property Trust had a net margin of 26.81% and a return on equity of 5.25%. During the same quarter in the prior year, the business posted $3.07 EPS.
ESS stock traded up $5.56 during trading on Monday, hitting $288.69. 389,545 shares of the company’s stock traded hands, compared to its average volume of 355,021. Essex Property Trust has a 52 week low of $275.33 and a 52 week high of $363.36. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.41 and a current ratio of 1.41. The business has a fifty day simple moving average of $326.17 and a 200 day simple moving average of $333.86. The stock has a market capitalization of $18.86 billion, a price-to-earnings ratio of 47.80, a P/E/G ratio of 4.13 and a beta of 0.74.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Wednesday, June 29th. Essex Property Trust’s dividend payout ratio is currently 145.70%.
In other Essex Property Trust news, COO Angela L. Kleiman sold 6,309 shares of Essex Property Trust stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $354.21, for a total transaction of $2,234,710.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Schall sold 12,132 shares of Essex Property Trust stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $349.19, for a total transaction of $4,236,373.08. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Essex Property Trust by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock valued at $3,667,195,000 after acquiring an additional 184,047 shares during the period. BlackRock Inc. increased its holdings in shares of Essex Property Trust by 3.8% during the 4th quarter. BlackRock Inc. now owns 6,686,520 shares of the real estate investment trust’s stock valued at $2,355,194,000 after purchasing an additional 242,033 shares in the last quarter. Cohen & Steers Inc. increased its holdings in shares of Essex Property Trust by 8.9% during the 3rd quarter. Cohen & Steers Inc. now owns 5,535,111 shares of the real estate investment trust’s stock valued at $1,769,943,000 after purchasing an additional 450,710 shares in the last quarter. State Street Corp increased its holdings in shares of Essex Property Trust by 6.5% during the 1st quarter. State Street Corp now owns 5,219,447 shares of the real estate investment trust’s stock valued at $1,814,408,000 after purchasing an additional 316,868 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Essex Property Trust by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,911,691 shares of the real estate investment trust’s stock valued at $1,005,930,000 after purchasing an additional 86,179 shares in the last quarter. Institutional investors and hedge funds own 96.09% of the company’s stock.
About Essex Property Trust (Get Rating)
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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