Brokerages expect that Essex Property Trust, Inc. (NYSE:ESS) will announce earnings of $2.92 per share for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Essex Property Trust’s earnings. The highest EPS estimate is $2.96 and the lowest is $2.88. Essex Property Trust reported earnings per share of $2.74 in the same quarter last year, which suggests a positive year-over-year growth rate of 6.6%. The firm is expected to announce its next quarterly earnings results on Thursday, July 27th.
According to Zacks, analysts expect that Essex Property Trust will report full-year earnings of $11.79 per share for the current year, with EPS estimates ranging from $11.68 to $11.84. For the next year, analysts anticipate that the firm will report earnings of $12.36 per share, with EPS estimates ranging from $12.13 to $12.51. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow Essex Property Trust.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $2.94 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.05. Essex Property Trust had a return on equity of 8.04% and a net margin of 38.94%. The firm had revenue of $335.40 million for the quarter, compared to analyst estimates of $332.80 million. During the same period in the prior year, the firm posted $2.68 EPS.
Several equities analysts have recently weighed in on ESS shares. Evercore ISI cut Essex Property Trust to a “buy” rating in a research report on Friday, March 3rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $248.00 price target on shares of Essex Property Trust in a research report on Wednesday, March 29th. Zacks Investment Research cut Essex Property Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, April 18th. Barclays PLC reiterated an “overweight” rating and issued a $262.00 price target (up from $255.00) on shares of Essex Property Trust in a research report on Wednesday, April 19th. Finally, Mizuho upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $199.00 to $212.00 in a research report on Monday, May 1st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $251.27.
Shares of Essex Property Trust (NYSE ESS) traded up 0.96% on Wednesday, reaching $266.30. The company’s stock had a trading volume of 515,142 shares. The firm’s 50 day moving average is $256.24 and its 200-day moving average is $235.77. Essex Property Trust has a 52-week low of $200.01 and a 52-week high of $266.71. The stock has a market cap of $17.47 billion, a P/E ratio of 34.11 and a beta of 0.52.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Wednesday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is presently 89.74%.
In other news, Director Janice L. Sears sold 3,000 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $253.92, for a total value of $761,760.00. Following the completion of the sale, the director now owns 3,698 shares of the company’s stock, valued at approximately $938,996.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael J. Schall sold 17,458 shares of the business’s stock in a transaction dated Friday, March 31st. The shares were sold at an average price of $232.01, for a total value of $4,050,430.58. Following the completion of the sale, the insider now directly owns 59,763 shares of the company’s stock, valued at approximately $13,865,613.63. The disclosure for this sale can be found here. In the last three months, insiders sold 57,743 shares of company stock valued at $14,042,328. 3.30% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in ESS. Vanguard Group Inc. raised its stake in Essex Property Trust by 2.1% in the first quarter. Vanguard Group Inc. now owns 11,404,375 shares of the real estate investment trust’s stock worth $2,640,455,000 after buying an additional 229,503 shares during the period. BlackRock Inc. raised its stake in Essex Property Trust by 2,296.8% in the first quarter. BlackRock Inc. now owns 6,479,030 shares of the real estate investment trust’s stock worth $1,500,090,000 after buying an additional 6,208,705 shares during the period. Daiwa Securities Group Inc. raised its stake in Essex Property Trust by 0.7% in the first quarter. Daiwa Securities Group Inc. now owns 2,350,895 shares of the real estate investment trust’s stock worth $544,303,000 after buying an additional 16,150 shares during the period. Principal Financial Group Inc. raised its stake in Essex Property Trust by 1.6% in the first quarter. Principal Financial Group Inc. now owns 2,155,778 shares of the real estate investment trust’s stock worth $499,156,000 after buying an additional 34,654 shares during the period. Finally, Morgan Stanley raised its stake in Essex Property Trust by 7.5% in the first quarter. Morgan Stanley now owns 1,325,290 shares of the real estate investment trust’s stock worth $306,844,000 after buying an additional 92,922 shares during the period. 98.93% of the stock is owned by institutional investors.
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About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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