Wall Street analysts expect Essex Property Trust Inc (NYSE:ESS) to report $347.25 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Essex Property Trust’s earnings, with the lowest sales estimate coming in at $344.13 million and the highest estimate coming in at $353.82 million. Essex Property Trust posted sales of $335.40 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.5%. The company is scheduled to announce its next quarterly earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Essex Property Trust will report full-year sales of $347.25 million for the current year, with estimates ranging from $1.39 billion to $1.44 billion. For the next financial year, analysts anticipate that the company will post sales of $1.47 billion per share, with estimates ranging from $1.41 billion to $1.53 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Essex Property Trust.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $3.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.00 by $0.01. The firm had revenue of $345.06 million during the quarter, compared to analysts’ expectations of $346.50 million. Essex Property Trust had a net margin of 31.75% and a return on equity of 6.76%. During the same period last year, the business earned $2.85 earnings per share.
A number of brokerages recently issued reports on ESS. Raymond James Financial reiterated an “underperform” rating on shares of Essex Property Trust in a research note on Monday, January 8th. Mitsubishi UFJ Financial Group reissued a “neutral” rating on shares of Essex Property Trust in a report on Friday, November 3rd. Sandler O’Neill set a $250.00 target price on shares of Essex Property Trust and gave the company a “hold” rating in a report on Friday, January 12th. Evercore ISI raised shares of Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $274.00 target price on the stock in a report on Monday, December 11th. Finally, SunTrust Banks upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $263.42.
Essex Property Trust (ESS) traded up $1.44 during midday trading on Monday, hitting $221.59. 467,939 shares of the stock traded hands, compared to its average volume of 467,979. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.89. Essex Property Trust has a twelve month low of $214.03 and a twelve month high of $270.04. The stock has a market capitalization of $14,891.21, a price-to-earnings ratio of 33.81, a price-to-earnings-growth ratio of 3.06 and a beta of 0.42.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be given a dividend of $1.86 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $1.75. This represents a $7.44 dividend on an annualized basis and a yield of 3.36%. Essex Property Trust’s dividend payout ratio (DPR) is presently 106.38%.
In related news, CEO Michael J. Schall sold 4,801 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $247.37, for a total value of $1,187,623.37. Following the transaction, the chief executive officer now directly owns 49,564 shares of the company’s stock, valued at approximately $12,260,646.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary P. Martin sold 500 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $223.43, for a total value of $111,715.00. Following the completion of the sale, the director now directly owns 5,736 shares in the company, valued at approximately $1,281,594.48. The disclosure for this sale can be found here. Insiders have sold a total of 8,602 shares of company stock valued at $2,115,430 over the last 90 days. Corporate insiders own 3.30% of the company’s stock.
Several large investors have recently made changes to their positions in ESS. Janus Henderson Group PLC grew its holdings in shares of Essex Property Trust by 292.6% during the 3rd quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock worth $119,358,000 after purchasing an additional 350,192 shares in the last quarter. Barings LLC bought a new position in Essex Property Trust in the 3rd quarter valued at $63,549,000. Canada Pension Plan Investment Board raised its position in 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 last quarter. Deutsche Bank AG raised its position in Essex Property Trust by 17.5% in the 4th quarter. Deutsche Bank AG now owns 847,173 shares of the real estate investment trust’s stock valued at $204,477,000 after purchasing an additional 125,907 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Essex Property Trust by 28.7% in the 4th quarter. Renaissance Technologies LLC now owns 464,126 shares of the real estate investment trust’s stock valued at $112,026,000 after purchasing an additional 103,369 shares during the last quarter. 96.57% 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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