Wall Street brokerages predict that Essex Property Trust (NYSE:ESS) will report $346.10 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Essex Property Trust’s earnings. The lowest sales estimate is $341.98 million and the highest is $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 3.2%. The business is scheduled to report its next earnings report after the market closes on Wednesday, May 2nd.
According to Zacks, analysts expect that Essex Property Trust will report full year sales of $346.10 million for the current fiscal year, with estimates ranging from $1.39 billion to $1.44 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.46 billion per share, with estimates ranging from $1.41 billion to $1.53 billion. Zacks Investment Research’s sales calculations 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 Wednesday, February 7th. The real estate investment trust reported $3.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.01. The firm had revenue of $345.06 million during the quarter, compared to analyst estimates of $346.50 million. Essex Property Trust had a return on equity of 6.76% and a net margin of 31.75%. During the same quarter in the previous year, the firm earned $2.85 EPS.
ESS has been the subject of several recent analyst reports. Evercore ISI raised Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $274.00 price target for the company in a research report on Monday, December 11th. Wells Fargo reaffirmed a “market perform” rating and issued a $251.00 price target (down previously from $263.00) on shares of Essex Property Trust in a research report on Tuesday, February 20th. Sandler O’Neill set a $250.00 price target on Essex Property Trust and gave the stock a “hold” rating in a research report on Friday, January 12th. Mitsubishi UFJ Financial Group raised Essex Property Trust from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 3rd. Finally, Citigroup raised Essex Property Trust to an “overweight” rating and lifted their price target for the stock from $253.00 to $278.00 in a research report on Wednesday, January 3rd. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Essex Property Trust has a consensus rating of “Buy” and a consensus target price of $264.25.
ESS opened at $241.38 on Tuesday. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $16,006.85, a PE ratio of 20.27, a P/E/G ratio of 3.30 and a beta of 0.38. Essex Property Trust has a 1 year low of $214.03 and a 1 year high of $270.04.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be paid a dividend of $1.86 per share. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.75. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Wednesday, March 28th. Essex Property Trust’s payout ratio is currently 62.47%.
In other Essex Property Trust news, Director Gary P. Martin sold 500 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $223.43, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Glenn Olnick sold 1,600,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $0.10, for a total value of $160,000.00. Insiders own 3.40% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC bought a new position in shares of Essex Property Trust during the 4th quarter valued at approximately $100,000. Beacon Investment Advisory Services Inc. bought a new position in shares of Essex Property Trust during the 3rd quarter valued at approximately $200,000. Shelton Capital Management bought a new position in shares of Essex Property Trust during the 4th quarter valued at approximately $208,000. Checchi Capital Advisers LLC bought a new position in shares of Essex Property Trust during the 4th quarter valued at approximately $217,000. Finally, Vident Investment Advisory LLC bought a new position in shares of Essex Property Trust during the 3rd quarter valued at approximately $240,000. Institutional investors and hedge funds own 97.28% of the company’s stock.
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Essex Property Trust Company Profile
Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 247 apartment communities with an additional 7 properties in various stages of active development.
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