Essex Property Trust, Inc. (ESS) Expected to Post Earnings of $3.00 Per Share
Wall Street analysts expect Essex Property Trust, Inc. (NYSE:ESS) to report earnings of $3.00 per share for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Essex Property Trust’s earnings, with the lowest EPS estimate coming in at $2.97 and the highest estimate coming in at $3.02. Essex Property Trust reported earnings of $2.93 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 2.4%. The firm is expected to issue its next quarterly earnings report on Thursday, February 1st.
According to Zacks, analysts expect that Essex Property Trust will report full-year earnings of $11.87 per share for the current year, with EPS estimates ranging from $11.77 to $11.91. For the next fiscal year, analysts expect that the firm will report earnings of $12.44 per share, with EPS estimates ranging from $12.26 to $12.57. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that follow Essex Property Trust.
A number of research firms have weighed in on ESS. Robert W. Baird reaffirmed a “buy” rating and set a $273.00 price target on shares of Essex Property Trust in a research report on Tuesday, October 17th. SunTrust Banks, Inc. reiterated a “hold” rating and set a $270.00 price objective on shares of Essex Property Trust in a research note on Friday. Mizuho cut Essex Property Trust to a “sell” rating and set a $250.00 price objective on the stock. in a research note on Monday. Royal Bank Of Canada reiterated a “buy” rating and set a $267.00 price objective on shares of Essex Property Trust in a research note on Sunday, July 16th. Finally, Barclays PLC reiterated a “buy” rating and set a $283.00 price objective on shares of Essex Property Trust in a research note on Thursday, October 19th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $266.93.
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Essex Property Trust (ESS) opened at $253.98 on Friday. Essex Property Trust has a 12-month low of $208.92 and a 12-month high of $270.04. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.83 and a current ratio of 1.83. The firm has a market capitalization of $16,772.09, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 3.59 and a beta of 0.54.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 2.76%. The ex-dividend date was Thursday, September 28th. Essex Property Trust’s payout ratio is 87.61%.
In other news, insider John D. Eudy sold 167 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $263.97, for a total transaction of $44,082.99. Following the sale, the insider now directly owns 8,597 shares of the company’s stock, valued at approximately $2,269,350.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Schall sold 333 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $263.97, for a total value of $87,902.01. Following the sale, the chief executive officer now directly owns 45,096 shares in the company, valued at $11,903,991.12. The disclosure for this sale can be found here. Insiders have sold a total of 10,064 shares of company stock worth $2,673,529 in the last quarter. Company insiders own 3.30% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ESS. Tower Research Capital LLC TRC grew its holdings in shares of Essex Property Trust by 145.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 279 shares in the last quarter. Sun Life Financial INC grew its holdings in shares of Essex Property Trust by 5,900.0% during the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after purchasing an additional 472 shares in the last quarter. Breton Hill Capital Ltd. acquired a new stake in shares of Essex Property Trust during the 3rd quarter worth $200,000. Wetherby Asset Management Inc. acquired a new stake in shares of Essex Property Trust during the 2nd quarter worth $203,000. Finally, Beaton Management Co. Inc. acquired a new stake in shares of Essex Property Trust during the 2nd quarter worth $207,000. 99.98% of the stock is currently owned by institutional investors.
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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