Essex Property Trust Inc (NYSE:ESS) – Research analysts at Jefferies Group lowered their FY2019 earnings per share (EPS) estimates for shares of Essex Property Trust in a note issued to investors on Tuesday, according to Zacks Investment Research. Jefferies Group analyst O. Okusanya now expects that the real estate investment trust will earn $13.41 per share for the year, down from their previous forecast of $13.43.
A number of other research firms have also recently commented on ESS. Barclays reiterated a “buy” rating and issued a $283.00 target price on shares of Essex Property Trust in a research note on Thursday, October 19th. Robert W. Baird reiterated a “buy” rating and issued a $273.00 target price on shares of Essex Property Trust in a research note on Tuesday, October 17th. Royal Bank of Canada reiterated a “buy” rating and issued a $276.00 target price on shares of Essex Property Trust in a research note on Friday, October 20th. Cantor Fitzgerald reiterated a “buy” rating and issued a $279.00 target price on shares of Essex Property Trust in a research note on Wednesday, November 8th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $270.00 target price on shares of Essex Property Trust in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Essex Property Trust presently has a consensus rating of “Hold” and an average price target of $262.76.
Shares of Essex Property Trust (NYSE:ESS) traded up $9.66 during trading on Thursday, hitting $227.94. 764,544 shares of the stock were exchanged, compared to its average volume of 450,414. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.83 and a current ratio of 0.83. Essex Property Trust has a 52-week low of $214.03 and a 52-week high of $270.04. The stock has a market cap of $15,056.35, a P/E ratio of 34.64, a P/E/G ratio of 2.94 and a beta of 0.42.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $3.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.00 by $0.01. Essex Property Trust had a net margin of 31.75% and a return on equity of 6.76%. The firm had revenue of $345.06 million for the quarter, compared to the consensus estimate of $346.50 million. During the same quarter in the previous year, the firm earned $2.85 EPS.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were paid a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 3.07%. The ex-dividend date was Thursday, December 28th. Essex Property Trust’s payout ratio is 106.38%.
In other Essex Property Trust news, CFO Angela L. Kleiman sold 600 shares of Essex Property Trust stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $247.16, for a total transaction of $148,296.00. Following the completion of the sale, the chief financial officer now directly owns 7,777 shares in the company, valued at approximately $1,922,163.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John D. Eudy sold 1,700 shares of Essex Property Trust stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $247.24, for a total transaction of $420,308.00. Following the sale, the executive vice president now owns 10,130 shares of the company’s stock, valued at $2,504,541.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,102 shares of company stock valued at $2,003,715. Company insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its stake in shares of Essex Property Trust by 292.6% in the 3rd quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock valued at $119,358,000 after purchasing an additional 350,192 shares during the period. Koch Industries Inc. acquired a new position in shares of Essex Property Trust in the 2nd quarter valued at $301,000. Barings LLC acquired a new position in shares of Essex Property Trust in the 3rd quarter valued at $63,549,000. Canada Pension Plan Investment Board lifted its stake in shares of Essex Property Trust by 7,265.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 184,505 shares of the real estate investment trust’s stock valued at $46,870,000 after purchasing an additional 182,000 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Essex Property Trust by 120.1% in the 2nd quarter. Renaissance Technologies LLC now owns 250,900 shares of the real estate investment trust’s stock valued at $64,549,000 after purchasing an additional 136,900 shares during the period. Institutional investors and hedge funds own 96.82% of the company’s stock.
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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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