$342.20 Million in Sales Expected for Essex Property Trust, Inc. (ESS) This Quarter
Analysts expect Essex Property Trust, Inc. (NYSE:ESS) to report $342.20 million in sales for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Essex Property Trust’s earnings, with the lowest sales estimate coming in at $339.13 million and the highest estimate coming in at $345.02 million. Essex Property Trust reported sales of $329.17 million during the same quarter last year, which suggests a positive year-over-year growth rate of 4%. The company is scheduled to announce its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that Essex Property Trust will report full year sales of $342.20 million for the current fiscal year, with estimates ranging from $1.35 billion to $1.37 billion. For the next fiscal year, analysts anticipate that the company will report sales of $1.42 billion per share, with estimates ranging from $1.38 billion to $1.45 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Essex Property Trust.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.92 by $0.05. The company had revenue of $339.06 million for the quarter, compared to analysts’ expectations of $336.17 million. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. During the same period in the previous year, the business posted $2.74 earnings per share.
Several equities analysts have recently commented on ESS shares. Canaccord Genuity set a $270.00 price objective on Essex Property Trust and gave the company a “hold” rating in a research report on Monday, July 31st. Royal Bank Of Canada reiterated an “outperform” rating and set a $267.00 price objective (up from $248.00) on shares of Essex Property Trust in a research report on Tuesday, May 16th. Morgan Stanley increased their price objective on Essex Property Trust from $260.00 to $267.00 and gave the company an “overweight” rating in a research report on Wednesday, August 16th. Stifel Nicolaus started coverage on Essex Property Trust in a research report on Friday, September 1st. They set a “buy” rating and a $294.00 price objective on the stock. Finally, Cantor Fitzgerald reiterated a “buy” rating and set a $278.00 price objective on shares of Essex Property Trust in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Essex Property Trust has an average rating of “Hold” and an average target price of $267.57.
Essex Property Trust (ESS) traded up 0.20% during mid-day trading on Friday, hitting $266.58. The stock had a trading volume of 300,607 shares. The company’s 50 day moving average price is $264.08 and its 200 day moving average price is $250.99. Essex Property Trust has a 52 week low of $200.01 and a 52 week high of $268.97. The firm has a market cap of $17.59 billion, a PE ratio of 34.28 and a beta of 0.53.
In related news, Director Byron A. Scordelis sold 6,265 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The stock was 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 available through this hyperlink. Also, insider Michael J. Schall sold 333 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $256.06, for a total value of $85,267.98. Following the transaction, the insider now owns 45,096 shares in the company, valued at $11,547,281.76. 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. 3.30% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its holdings in Essex Property Trust by 145.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 279 shares during the period. Sun Life Financial INC lifted its holdings in Essex Property Trust by 5,900.0% in the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 472 shares during the period. Muzinich & Co. Inc. lifted its holdings in Essex Property Trust by 246.5% in the 1st quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 392 shares during the period. Advisors Asset Management Inc. lifted its holdings in Essex Property Trust by 118.0% in the 1st quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 354 shares during the period. Finally, FNY Partners Fund LP purchased a new stake in Essex Property Trust in the 1st quarter worth approximately $165,000. Institutional investors and hedge funds own 99.55% of the company’s stock.
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Essex Property Trust Company Profile
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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