Equities research analysts expect that Essex Property Trust Inc (NYSE:ESS) will post $3.19 earnings per share (EPS) for the current quarter, according to Zacks. Ten analysts have issued estimates for Essex Property Trust’s earnings. The lowest EPS estimate is $3.15 and the highest is $3.21. Essex Property Trust reported earnings per share of $3.09 in the same quarter last year, which would suggest a positive year over year growth rate of 3.2%. The company is scheduled to announce its next earnings report 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 expect 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 follow 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 (EPS) for the quarter, hitting the Zacks’ consensus estimate of $3.19. Essex Property Trust had a return on equity of 5.74% and a net margin of 27.87%. The firm had revenue of $353.16 million during the quarter, compared to analyst estimates of $351.76 million. During the same period last year, the company earned $3.01 EPS.
ESS has been the subject of a number of research analyst reports. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research report on Sunday, October 21st. Barclays lifted their target price on Essex Property Trust from $258.00 to $262.00 and gave the company an “overweight” rating in a research report on Thursday, November 15th. Jefferies Financial Group raised Essex Property Trust from a “hold” rating to a “buy” rating and lifted their target price for the company from $262.00 to $297.00 in a research report on Friday, November 30th. BMO Capital Markets lowered Essex Property Trust from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $255.00 to $260.00 in a research report on Friday, November 2nd. Finally, Wells Fargo & Co raised Essex Property Trust from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $262.00 to $284.00 in a research report on Tuesday, December 11th. Eleven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Essex Property Trust currently has a consensus rating of “Buy” and an average target price of $269.64.
In other news, CEO Michael J. Schall sold 331 shares of Essex Property Trust stock in a transaction on Monday, December 10th. The stock was sold at an average price of $263.91, for a total value of $87,354.21. Following the transaction, the chief executive officer now directly owns 46,495 shares in the company, valued at approximately $12,270,495.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John D. Eudy sold 166 shares of Essex Property Trust stock in a transaction on Monday, November 12th. The shares were sold at an average price of $254.03, for a total value of $42,168.98. Following the completion of the transaction, the executive vice president now owns 9,818 shares in the company, valued at $2,494,066.54. The disclosure for this sale can be found here. Insiders sold a total of 6,494 shares of company stock worth $1,670,643 over the last quarter. Company insiders own 3.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Ironwood Financial llc purchased a new position in Essex Property Trust during the 4th quarter worth $25,000. Acadian Asset Management LLC purchased a new position in Essex Property Trust during the 4th quarter worth $87,000. First Hawaiian Bank purchased a new position in Essex Property Trust during the 3rd quarter worth $101,000. Capital Guardian Trust Co. purchased a new position in Essex Property Trust during the 3rd quarter worth $113,000. Finally, Loeb Partners Corp purchased a new position in Essex Property Trust during the 4th quarter worth $123,000. Hedge funds and other institutional investors own 96.81% of the company’s stock.
Shares of ESS stock traded up $0.61 on Friday, reaching $278.07. 344,841 shares of the company’s stock were exchanged, compared to its average volume of 333,353. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market capitalization of $18.33 billion, a P/E ratio of 22.12, a P/E/G ratio of 3.59 and a beta of 0.49. Essex Property Trust has a 52 week low of $218.45 and a 52 week high of $278.32.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 15th. Stockholders of record on Wednesday, January 2nd were issued a $1.86 dividend. The ex-dividend date of this dividend was Monday, December 31st. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.68%. Essex Property Trust’s dividend payout ratio is presently 59.19%.
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 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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