$3.22 Earnings Per Share Expected for Essex Property Trust, Inc. (NYSE:ESS) This Quarter

Analysts expect Essex Property Trust, Inc. (NYSE:ESS) to report earnings of $3.22 per share for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Essex Property Trust’s earnings, with estimates ranging from $3.17 to $3.25. Essex Property Trust reported earnings of $3.02 per share in the same quarter last year, which indicates a positive year over year growth rate of 6.6%. The firm is scheduled to report its next earnings report on Thursday, February 3rd.

According to Zacks, analysts expect that Essex Property Trust will report full year earnings of $12.46 per share for the current year, with EPS estimates ranging from $12.35 to $12.52. For the next financial year, analysts anticipate that the company will post earnings of $13.85 per share, with EPS estimates ranging from $13.53 to $14.24. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow Essex Property Trust.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Tuesday, October 26th. The real estate investment trust reported $1.82 EPS for the quarter, missing the Zacks’ consensus estimate of $3.10 by ($1.28). Essex Property Trust had a net margin of 31.27% and a return on equity of 7.08%. The firm had revenue of $360.62 million for the quarter, compared to the consensus estimate of $357.54 million. During the same quarter in the prior year, the company earned $3.15 earnings per share. The company’s quarterly revenue was down 2.1% compared to the same quarter last year.

ESS has been the subject of several research reports. Truist Securities upped their price objective on shares of Essex Property Trust from $327.00 to $337.00 and gave the stock a “buy” rating in a report on Wednesday, August 25th. Evercore ISI upgraded shares of Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $381.00 price objective for the company in a report on Monday, October 25th. Mizuho upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $333.00 to $360.00 in a report on Wednesday, September 29th. They noted that the move was a valuation call. Piper Sandler upped their price objective on shares of Essex Property Trust from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, September 1st. Finally, Truist upped their price objective on shares of Essex Property Trust from $327.00 to $337.00 and gave the stock a “buy” rating in a report on Wednesday, August 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $334.53.

NYSE ESS traded up $5.85 during trading on Thursday, hitting $357.25. The company had a trading volume of 246,025 shares, compared to its average volume of 344,254. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99. Essex Property Trust has a one year low of $226.79 and a one year high of $357.90. The company has a market cap of $23.25 billion, a price-to-earnings ratio of 51.93, a price-to-earnings-growth ratio of 6.72 and a beta of 0.72. The company’s fifty day moving average is $334.82 and its 200-day moving average is $321.16.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 15th. Investors of record on Thursday, September 30th were given a dividend of $2.09 per share. This represents a $8.36 annualized dividend and a yield of 2.34%. The ex-dividend date was Wednesday, September 29th. Essex Property Trust’s dividend payout ratio (DPR) is 121.51%.

In other news, Director Thomas E. Robinson sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 31st. The shares were sold at an average price of $329.30, for a total transaction of $823,250.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas E. Robinson sold 7,329 shares of the stock in a transaction that occurred on Thursday, September 9th. The stock was sold at an average price of $330.76, for a total transaction of $2,424,140.04. The disclosure for this sale can be found here. Insiders have sold a total of 75,465 shares of company stock worth $25,743,063 over the last three months. 3.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESS. Cullen Frost Bankers Inc. bought a new stake in Essex Property Trust during the 2nd quarter worth approximately $28,000. D Orazio & Associates Inc. bought a new stake in Essex Property Trust during the 3rd quarter worth approximately $35,000. Eagle Bay Advisors LLC raised its stake in Essex Property Trust by 1,471.4% during the 3rd quarter. Eagle Bay Advisors LLC now owns 110 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 103 shares during the period. Berman Capital Advisors LLC raised its stake in Essex Property Trust by 94.5% during the 3rd quarter. Berman Capital Advisors LLC now owns 142 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 69 shares during the period. Finally, CX Institutional raised its stake in Essex Property Trust by 17.9% during the 2nd quarter. CX Institutional now owns 204 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 31 shares during the period. Institutional investors own 92.35% of the company’s stock.

About Essex Property Trust

Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.

Further Reading: How prevalent are 12b-1 fees?

Get a free copy of the Zacks research report on Essex Property Trust (ESS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.