$345.67 Million in Sales Expected for Essex Property Trust, Inc. (ESS) This Quarter
Analysts expect Essex Property Trust, Inc. (NYSE:ESS) to announce $345.67 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have made estimates for Essex Property Trust’s earnings. The highest sales estimate is $349.46 million and the lowest is $340.08 million. Essex Property Trust reported sales of $329.04 million during the same quarter last year, which indicates a positive year over year growth rate of 5.1%. The company is scheduled to report its next quarterly earnings report on Thursday, February 1st.
According to Zacks, analysts expect that Essex Property Trust will report full-year sales of $345.67 million for the current fiscal year, with estimates ranging from $1.35 billion to $1.37 billion. For the next financial year, analysts anticipate that the firm will report sales of $1.42 billion per share, with estimates ranging from $1.38 billion to $1.45 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Essex Property Trust.
Several brokerages have recently commented on ESS. Royal Bank Of Canada reissued an “outperform” rating and set a $276.00 price target (up previously from $267.00) on shares of Essex Property Trust in a research note on Sunday, August 13th. Canaccord Genuity set a $270.00 price target on Essex Property Trust and gave the stock a “hold” rating in a research note on Monday, July 31st. Stifel Nicolaus began coverage on Essex Property Trust in a research note on Friday, September 1st. They set a “buy” rating and a $294.00 price target on the stock. Barclays PLC reissued a “buy” rating and set a $283.00 price target on shares of Essex Property Trust in a research note on Thursday, October 19th. Finally, Mizuho lowered Essex Property Trust from a “buy” rating to a “neutral” rating and set a $283.00 price target on the stock. in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $269.13.
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In other Essex Property Trust news, Director Byron A. Scordelis sold 6,265 shares of the business’s stock in a transaction on Thursday, August 24th. The stock was 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 directly owns 4,986 shares in the company, valued at approximately $1,333,206.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Schall sold 333 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $263.97, for a total value of $87,902.01. Following the completion of the transaction, the chief executive officer now owns 45,096 shares of the company’s stock, valued at $11,903,991.12. The disclosure for this sale can be found here. Insiders sold a total of 10,064 shares of company stock valued at $2,673,529 over the last quarter. 3.30% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of ESS. Gotham Asset Management LLC acquired a new position in Essex Property Trust in the 1st quarter valued at $737,000. RB Capital Management LLC acquired a new stake in shares of Essex Property Trust during the 2nd quarter worth $218,000. Gateway Investment Advisers LLC increased its holdings in shares of Essex Property Trust by 1.5% during the 2nd quarter. Gateway Investment Advisers LLC now owns 5,655 shares of the real estate investment trust’s stock worth $1,455,000 after buying an additional 83 shares during the last quarter. NN Investment Partners Holdings N.V. increased its holdings in shares of Essex Property Trust by 4.0% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 240,093 shares of the real estate investment trust’s stock worth $61,769,000 after buying an additional 9,300 shares during the last quarter. Finally, National Pension Service increased its holdings in shares of Essex Property Trust by 9.8% during the 2nd quarter. National Pension Service now owns 63,777 shares of the real estate investment trust’s stock worth $16,593,000 after buying an additional 5,668 shares during the last quarter. Institutional investors own 99.63% of the company’s stock.
Shares of Essex Property Trust (NYSE:ESS) opened at $253.98 on Friday. The firm has a market capitalization of $16,760.14, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 3.59 and a beta of 0.54. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.83 and a quick ratio of 1.83. Essex Property Trust has a twelve month low of $208.92 and a twelve month high of $270.04.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a $1.75 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $7.00 annualized dividend and a yield of 2.76%. Essex Property Trust’s dividend payout ratio (DPR) is presently 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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