Zacks: Brokerages Expect Essex Property Trust, Inc. (ESS) to Announce $3.00 EPS
Wall Street brokerages forecast that Essex Property Trust, Inc. (NYSE:ESS) will announce earnings per share (EPS) of $3.00 for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Essex Property Trust’s earnings. The lowest EPS estimate is $2.98 and the highest is $3.02. Essex Property Trust posted earnings of $2.93 per share during the same quarter last year, which would indicate a positive year over year growth rate of 2.4%. The business is expected to report its next earnings results on Thursday, February 1st.
According to Zacks, analysts expect that Essex Property Trust will report full-year earnings of $11.87 per share for the current financial year, with EPS estimates ranging from $11.77 to $11.91. For the next financial year, analysts anticipate that the firm will report earnings of $12.44 per share, with EPS estimates ranging from $12.26 to $12.57. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow Essex Property Trust.
Several research analysts recently issued reports on ESS shares. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $276.00 target price (up from $267.00) on shares of Essex Property Trust in a research report on Sunday, August 13th. Robert W. Baird reissued a “buy” rating and issued a $273.00 price objective on shares of Essex Property Trust in a report on Tuesday, October 17th. BidaskClub raised Essex Property Trust from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 22nd. Barclays PLC reissued a “buy” rating and issued a $283.00 price objective on shares of Essex Property Trust in a report on Thursday, October 19th. Finally, Canaccord Genuity set a $270.00 price objective on Essex Property Trust and gave the company a “hold” rating in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Essex Property Trust has an average rating of “Hold” and an average price target of $268.27.
In other news, insider John D. Eudy sold 166 shares of the firm’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total value of $42,814.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Byron A. Scordelis sold 6,265 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $267.39, for a total value of $1,675,198.35. Following the completion of the transaction, the director now owns 4,986 shares in the company, valued at approximately $1,333,206.54. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,064 shares of company stock worth $2,673,529. Company insiders own 3.30% of the company’s stock.
Several large investors have recently bought and sold shares of ESS. Tower Research Capital LLC TRC increased its holdings in shares of Essex Property Trust by 145.3% in the second 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 last quarter. Sun Life Financial INC increased its holdings in shares of Essex Property Trust by 5,900.0% in the second 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 last quarter. Breton Hill Capital Ltd. acquired a new stake in shares of Essex Property Trust in the third quarter valued at approximately $200,000. Wetherby Asset Management Inc. acquired a new stake in shares of Essex Property Trust in the second quarter valued at approximately $203,000. Finally, Beaton Management Co. Inc. acquired a new stake in shares of Essex Property Trust in the second quarter valued at approximately $207,000. 99.63% of the stock is owned by hedge funds and other institutional investors.
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Shares of Essex Property Trust (NYSE ESS) traded down $8.55 during mid-day trading on Friday, reaching $253.98. The company’s stock had a trading volume of 538,193 shares, compared to its average volume of 276,879. The company has a market cap of $16.75 billion, a PE ratio of 21.70, a P/E/G ratio of 3.59 and a beta of 0.54. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.88.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were given a dividend of $1.75 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $7.00 dividend on an annualized basis and a yield of 2.76%. Essex Property Trust’s dividend payout ratio is currently 87.61%.
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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