Brokerages Expect Essex Property Trust, Inc. (ESS) Will Post Earnings of $2.97 Per Share
Wall Street brokerages predict that Essex Property Trust, Inc. (NYSE:ESS) will announce earnings per share of $2.97 for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Essex Property Trust’s earnings, with the highest EPS estimate coming in at $3.00 and the lowest estimate coming in at $2.94. Essex Property Trust reported earnings per share of $1.00 during the same quarter last year, which suggests a positive year over year growth rate of 197%. The firm is scheduled to issue its next earnings report on Thursday, October 26th.
On average, analysts expect that Essex Property Trust will report full year earnings of $11.88 per share for the current year, with EPS estimates ranging from $11.83 to $11.91. For the next financial year, analysts forecast that the business will report earnings of $12.48 per share, with EPS estimates ranging from $12.16 to $13.11. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that that provide coverage for Essex Property Trust.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.05. The firm had revenue of $339.06 million for the quarter, compared to the consensus estimate of $336.17 million. Essex Property Trust had a net margin of 38.33% and a return on equity of 8.03%. During the same period last year, the firm posted $2.74 EPS.
Several equities research analysts have recently commented on the stock. Stifel Nicolaus assumed coverage on shares of Essex Property Trust in a research note on Friday, September 1st. They issued a “buy” rating and a $294.00 target price on the stock. BidaskClub upgraded shares of Essex Property Trust from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Barclays PLC restated an “overweight” rating and issued a $280.00 target price (up previously from $269.00) on shares of Essex Property Trust in a research note on Monday, August 21st. Morgan Stanley boosted their target price on shares of Essex Property Trust from $260.00 to $267.00 and gave the company an “overweight” rating in a research note on Wednesday, August 16th. Finally, Royal Bank Of Canada boosted their target price on shares of Essex Property Trust from $267.00 to $276.00 and gave the company an “outperform” rating in a research note on Monday, August 14th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $267.57.
In other Essex Property Trust news, Director Byron A. Scordelis sold 6,265 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $267.39, for a total transaction of $1,675,198.35. Following the transaction, the director now directly owns 4,986 shares in the company, valued at approximately $1,333,206.54. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Angela L. Kleiman sold 2,466 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $263.37, for a total transaction of $649,470.42. Following the transaction, the insider now owns 9,643 shares in the company, valued at $2,539,676.91. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,230 shares of company stock worth $2,977,186. Corporate insiders own 3.30% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in 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 valued at $121,000 after purchasing an additional 279 shares during the period. Sun Life Financial INC lifted its position in 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 valued at $123,000 after purchasing an additional 472 shares during the period. Muzinich & Co. Inc. lifted its position in Essex Property Trust by 246.5% during the 1st quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock valued at $128,000 after purchasing an additional 392 shares during the period. Advisors Asset Management Inc. lifted its position in Essex Property Trust by 118.0% during the 1st quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock valued at $151,000 after purchasing an additional 354 shares during the period. Finally, FNY Partners Fund LP acquired a new position in Essex Property Trust during the 1st quarter valued at about $165,000. Institutional investors own 99.55% of the company’s stock.
Shares of Essex Property Trust (NYSE ESS) opened at 266.05 on Friday. The company has a 50-day moving average of $264.01 and a 200 day moving average of $250.88. The company has a market capitalization of $17.56 billion, a P/E ratio of 34.21 and a beta of 0.53. Essex Property Trust has a 12 month low of $200.01 and a 12 month high of $268.97.
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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