$343.64 Million in Sales Expected for Essex Property Trust Inc (ESS) This Quarter
Equities research analysts forecast that Essex Property Trust Inc (NYSE:ESS) will report sales of $343.64 million for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Essex Property Trust’s earnings, with the highest sales estimate coming in at $349.48 million and the lowest estimate coming in at $324.40 million. Essex Property Trust reported sales of $329.04 million during the same quarter last year, which would suggest a positive year over year growth rate of 4.4%. The business is scheduled to report its next quarterly earnings results on Thursday, February 1st.
According to Zacks, analysts expect that Essex Property Trust will report full year sales of $343.64 million for the current financial year, with estimates ranging from $1.28 billion to $1.38 billion. For the next year, analysts forecast that the firm will report sales of $1.41 billion per share, with estimates ranging from $1.32 billion to $1.45 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Essex Property Trust.
A number of brokerages have commented on ESS. Stifel Nicolaus began coverage on Essex Property Trust in a research report on Friday, September 1st. They issued a “buy” rating and a $294.00 price target for the company. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Essex Property Trust in a research note on Wednesday, September 13th. Robert W. Baird reaffirmed a “buy” rating and issued a $273.00 price objective on shares of Essex Property Trust in a research note on Tuesday, September 12th. BidaskClub raised Essex Property Trust from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Finally, Morgan Stanley upped their price objective on Essex Property Trust from $260.00 to $267.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $270.60.
In other Essex Property Trust news, insider John D. Eudy sold 166 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total transaction of $42,814.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Schall sold 333 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $257.92, for a total value of $85,887.36. Following the sale, the chief executive officer now owns 45,096 shares in the company, valued at $11,631,160.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,269 shares of company stock valued at $2,558,882. 3.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of ESS. IFP Advisors Inc raised its position in Essex Property Trust by 0.3% during the second quarter. IFP Advisors Inc now owns 1,575 shares of the real estate investment trust’s stock valued at $405,000 after purchasing an additional 4 shares during the period. Global X Management Co. LLC raised its holdings in shares of Essex Property Trust by 15.6% in the second quarter. Global X Management Co. LLC now owns 1,849 shares of the real estate investment trust’s stock worth $476,000 after buying an additional 249 shares during the period. Wetherby Asset Management Inc. purchased a new stake in shares of Essex Property Trust in the second quarter worth approximately $203,000. Teacher Retirement System of Texas raised its holdings in shares of Essex Property Trust by 44.7% in the second quarter. Teacher Retirement System of Texas now owns 32,036 shares of the real estate investment trust’s stock worth $8,242,000 after buying an additional 9,901 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in shares of Essex Property Trust by 345.9% in the second quarter. Advisors Asset Management Inc. now owns 2,916 shares of the real estate investment trust’s stock worth $750,000 after buying an additional 2,262 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.
Shares of Essex Property Trust (NYSE:ESS) traded down $0.01 on Wednesday, reaching $249.15. The company’s stock had a trading volume of 368,600 shares, compared to its average volume of 347,594. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $16,453.79, a PE ratio of 21.30, a price-to-earnings-growth ratio of 3.36 and a beta of 0.50. Essex Property Trust has a fifty-two week low of $216.71 and a fifty-two week high of $270.04.
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Essex Property Trust Company Profile
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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