Equities Analysts Offer Predictions for Essex Property Trust Inc’s FY2019 Earnings (ESS)

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Essex Property Trust Inc (NYSE:ESS) – Investment analysts at KeyCorp reduced their FY2019 earnings per share estimates for shares of Essex Property Trust in a report released on Monday, March 18th. KeyCorp analyst A. Wurschmidt now expects that the real estate investment trust will post earnings per share of $13.08 for the year, down from their prior estimate of $13.10. KeyCorp currently has a “Overweight” rating and a $301.00 price objective on the stock. KeyCorp also issued estimates for Essex Property Trust’s FY2020 earnings at $13.75 EPS.

ESS has been the topic of a number of other research reports. JPMorgan Chase & Co. cut Essex Property Trust from an “overweight” rating to a “neutral” rating in a research report on Wednesday, December 19th. Barclays upgraded Essex Property Trust from a “neutral” rating to a “positive” rating in a research report on Monday, February 4th. Janney Montgomery Scott upgraded 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 target on Essex Property Trust to $262.00 in a research report on Sunday, December 2nd. Finally, ValuEngine upgraded Essex Property Trust from a “hold” rating to a “buy” rating in a research report on Wednesday, November 21st. Eleven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Essex Property Trust currently has an average rating of “Buy” and a consensus target price of $273.80.

Shares of NYSE ESS opened at $285.73 on Wednesday. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.88. Essex Property Trust has a 52 week low of $226.22 and a 52 week high of $291.23. The firm has a market capitalization of $18.80 billion, a P/E ratio of 22.73, a P/E/G ratio of 3.82 and a beta of 0.47.

Essex Property Trust (NYSE:ESS) last posted its earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share 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 company had revenue of $353.16 million during the quarter, compared to the consensus estimate of $351.76 million. During the same quarter last year, the firm earned $3.01 earnings per share.

Several large investors have recently added to or reduced their stakes in ESS. First Trust Advisors LP grew its holdings in shares of Essex Property Trust by 19.2% during the third quarter. First Trust Advisors LP now owns 12,330 shares of the real estate investment trust’s stock worth $3,042,000 after purchasing an additional 1,986 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of Essex Property Trust by 55.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 8,884 shares of the real estate investment trust’s stock worth $2,190,000 after purchasing an additional 3,178 shares during the last quarter. ING Groep NV grew its holdings in shares of Essex Property Trust by 80.9% during the third quarter. ING Groep NV now owns 1,939 shares of the real estate investment trust’s stock worth $478,000 after purchasing an additional 867 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Essex Property Trust by 35.6% during the third quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock worth $363,125,000 after purchasing an additional 386,035 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of Essex Property Trust by 1.1% during the third quarter. Toronto Dominion Bank now owns 42,925 shares of the real estate investment trust’s stock worth $10,587,000 after purchasing an additional 469 shares during the last quarter. Institutional investors own 96.09% of the company’s stock.

In other Essex Property Trust news, EVP John F. Burkart sold 1,413 shares of Essex Property Trust stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $290.22, for a total value of $410,080.86. Following the transaction, the executive vice president now owns 5,332 shares in the company, valued at $1,547,453.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Schall sold 2,682 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $290.10, for a total value of $778,048.20. Following the sale, the insider now owns 43,533 shares in the company, valued at $12,628,923.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,184 shares of company stock worth $5,314,973. Company insiders own 3.40% of the company’s stock.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Thursday, March 28th. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.86. Essex Property Trust’s payout ratio is currently 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. 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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