Zacks: Analysts Anticipate Essex Property Trust, Inc. (NYSE:ESS) Will Post Quarterly Sales of $369.19 Million

Wall Street analysts expect Essex Property Trust, Inc. (NYSE:ESS) to report $369.19 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Essex Property Trust’s earnings. The lowest sales estimate is $361.80 million and the highest is $373.20 million. Essex Property Trust reported sales of $362.07 million during the same quarter last year, which indicates a positive year over year growth rate of 2%. The company is expected to issue its next earnings report on Thursday, February 3rd.

On average, analysts expect that Essex Property Trust will report full-year sales of $1.43 billion for the current year, with estimates ranging from $1.42 billion to $1.44 billion. For the next fiscal year, analysts expect that the business will post sales of $1.55 billion, with estimates ranging from $1.49 billion to $1.60 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Essex Property Trust.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Tuesday, October 26th. The real estate investment trust reported $1.82 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.10 by ($1.28). The company had revenue of $360.62 million during the quarter, compared to the consensus estimate of $357.54 million. Essex Property Trust had a net margin of 31.27% and a return on equity of 7.08%. Essex Property Trust’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.15 EPS.

Several equities analysts recently commented on ESS shares. Wells Fargo & Company increased their price objective on shares of Essex Property Trust from $323.00 to $345.00 and gave the company an “equal weight” rating in a research note on Monday. Morgan Stanley raised their price target on shares of Essex Property Trust from $344.00 to $350.00 and gave the company an “equal weight” rating in a research note on Thursday, August 5th. Zacks Investment Research raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $355.00 price target for the company in a research note on Monday, October 18th. JPMorgan Chase & Co. raised shares of Essex Property Trust from a “neutral” rating to an “overweight” rating and set a $359.00 price target for the company in a research note on Thursday, October 7th. Finally, Barclays started coverage on shares of Essex Property Trust in a research note on Wednesday, September 1st. They set an “equal weight” rating and a $335.00 price target for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $334.53.

In other news, CEO Michael J. Schall sold 31,362 shares of Essex Property Trust stock in a transaction dated Thursday, October 28th. The shares were sold at an average price of $343.72, for a total transaction of $10,779,746.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas E. Robinson sold 7,329 shares of Essex Property Trust stock in a transaction dated Thursday, September 9th. The shares were sold at an average price of $330.76, for a total transaction of $2,424,140.04. The disclosure for this sale can be found here. Insiders sold 75,465 shares of company stock valued at $25,743,063 over the last 90 days. Corporate insiders own 3.80% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. bought a new position in shares of Essex Property Trust during the second quarter valued at about $28,000. D Orazio & Associates Inc. bought a new position in shares of Essex Property Trust during the third quarter valued at about $35,000. Eagle Bay Advisors LLC lifted its position in shares of Essex Property Trust by 1,471.4% during the third quarter. Eagle Bay Advisors LLC now owns 110 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 103 shares in the last quarter. Berman Capital Advisors LLC lifted its position in shares of Essex Property Trust by 94.5% during the third quarter. Berman Capital Advisors LLC now owns 142 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 69 shares in the last quarter. Finally, CX Institutional lifted its position in shares of Essex Property Trust by 17.9% during the second quarter. CX Institutional now owns 204 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 31 shares in the last quarter. 92.35% of the stock is currently owned by institutional investors.

NYSE:ESS traded up $5.85 on Friday, hitting $357.25. The company had a trading volume of 246,025 shares, compared to its average volume of 344,254. The stock has a market capitalization of $23.25 billion, a price-to-earnings ratio of 51.93, a PEG ratio of 6.72 and a beta of 0.72. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99. The firm has a 50 day moving average of $334.82 and a two-hundred day moving average of $321.16. Essex Property Trust has a 52 week low of $226.79 and a 52 week high of $357.90.

The business also recently declared a quarterly dividend, which was paid on Friday, October 15th. Shareholders of record on Thursday, September 30th were issued a $2.09 dividend. This represents a $8.36 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Wednesday, September 29th. Essex Property Trust’s payout ratio is 121.51%.

Essex Property Trust Company Profile

Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.

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

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