Property

Zacks: Analysts Expect Essex Property Trust, Inc. (NYSE:ESS) to Post $3.47 Earnings Per Share


Equities research analysts predict that Essex Property Trust, Inc. (NYSE:ESSGet Rating) will announce earnings of $3.47 per share for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Essex Property Trust’s earnings. The lowest EPS estimate is $3.41 and the highest is $3.56. Essex Property Trust reported earnings per share of $3.04 in the same quarter last year, which suggests a positive year-over-year growth rate of 14.1%. The business is expected to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Essex Property Trust will report full year earnings of $13.93 per share for the current year, with EPS estimates ranging from $13.80 to $14.19. For the next financial year, analysts anticipate that the firm will post earnings of $15.10 per share, with EPS estimates ranging from $14.75 to $15.70. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Essex Property Trust.

Essex Property Trust (NYSE:ESSGet Rating) last issued its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $1.12 EPS for the quarter, missing the consensus estimate of $3.35 by ($2.23). Essex Property Trust had a net margin of 26.81% and a return on equity of 5.25%. During the same quarter in the previous year, the firm posted $3.07 EPS.

ESS has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Essex Property Trust from $335.00 to $365.00 and gave the company an “equal weight” rating in a research note on Friday, April 8th. KeyCorp lifted their target price on shares of Essex Property Trust from $363.00 to $371.00 and gave the company an “overweight” rating in a research report on Thursday, January 13th. Truist Financial dropped their target price on shares of Essex Property Trust from $378.00 to $370.00 and set a “buy” rating for the company in a research report on Monday, March 21st. Barclays lifted their target price on shares of Essex Property Trust from $335.00 to $367.00 in a research report on Tuesday, January 18th. Finally, Mizuho dropped their target price on shares of Essex Property Trust from $382.00 to $342.00 and set a “buy” rating for the company in a research report on Wednesday, February 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $361.27.

Shares of NYSE:ESS opened at $329.27 on Friday. The company has a 50 day moving average of $340.61 and a 200 day moving average of $339.49. The stock has a market cap of $21.43 billion, a P/E ratio of 54.51, a P/E/G ratio of 4.99 and a beta of 0.76. Essex Property Trust has a 12 month low of $278.30 and a 12 month high of $363.36. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.98.

The company also recently declared a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, March 31st were issued a dividend of $2.20 per share. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.09. This represents a $8.80 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Wednesday, March 30th. Essex Property Trust’s dividend payout ratio is currently 145.70%.

In related news, COO Angela L. Kleiman sold 6,309 shares of the company’s stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $354.21, for a total transaction of $2,234,710.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Schall sold 12,132 shares of the business’s stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $349.19, for a total transaction of $4,236,373.08. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC increased its position in Essex Property Trust by 2.4% during the 1st quarter. Nisa Investment Advisors LLC now owns 40,059 shares of the real estate investment trust’s stock valued at $13,840,000 after purchasing an additional 955 shares during the period. Harbor Capital Advisors Inc. purchased a new position in Essex Property Trust during the 1st quarter valued at $185,000. Valeo Financial Advisors LLC grew its position in shares of Essex Property Trust by 4.8% in the 1st quarter. Valeo Financial Advisors LLC now owns 3,321 shares of the real estate investment trust’s stock worth $1,147,000 after buying an additional 153 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of Essex Property Trust by 2.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 43,468 shares of the real estate investment trust’s stock worth $15,300,000 after buying an additional 898 shares during the period. Finally, Chevy Chase Trust Holdings Inc. grew its position in shares of Essex Property Trust by 0.5% in the 1st quarter. Chevy Chase Trust Holdings Inc. now owns 39,236 shares of the real estate investment trust’s stock worth $13,555,000 after buying an additional 201 shares during the period. 92.64% of the stock is currently owned by institutional investors and hedge funds.

About Essex Property Trust (Get Rating)

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

Further Reading

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Earnings History and Estimates for Essex Property Trust (NYSE:ESS)



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