Equities research analysts forecast that Essex Property Trust, Inc. (NYSE:ESS) will report $2.97 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Essex Property Trust’s earnings, with the lowest EPS estimate coming in at $2.94 and the highest estimate coming in at $3.00. Essex Property Trust reported earnings per share of $1.00 in the same quarter last year, which suggests a positive year over year growth rate of 197%. The company is scheduled to report its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Essex Property Trust will report full year earnings of $11.86 per share for the current year, with EPS estimates ranging from $11.61 to $11.91. For the next year, analysts anticipate that the business will post earnings of $12.50 per share, with EPS estimates ranging from $12.16 to $13.11. Zacks Investment Research’s earnings per share averages are an average based on a survey of analysts that that provide coverage for Essex Property Trust.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.05. The company had revenue of $339.06 million during 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 quarter in the prior year, the firm posted $2.74 earnings per share.
A number of research analysts recently issued reports on the stock. Cantor Fitzgerald restated a “buy” rating and set a $278.00 target price on shares of Essex Property Trust in a research report on Thursday, July 27th. Barclays PLC lifted their price objective on shares of Essex Property Trust from $267.00 to $269.00 and gave the company an “overweight” rating in a report on Tuesday, July 18th. Zacks Investment Research raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 target price for the company in a research note on Tuesday, July 18th. Raymond James Financial, Inc. cut shares of Essex Property Trust from an “outperform” rating to a “hold” rating and set a $270.00 target price for the company. in a research note on Wednesday, August 9th. Finally, BTIG Research cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a research note on Friday, June 30th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Essex Property Trust currently has an average rating of “Hold” and a consensus price target of $267.57.
Shares of Essex Property Trust (NYSE ESS) traded up 1.05% during midday trading on Friday, hitting $269.39. The company had a trading volume of 245,486 shares. The firm’s 50 day moving average is $264.05 and its 200 day moving average is $251.29. Essex Property Trust has a 52 week low of $200.01 and a 52 week high of $270.04. The company has a market capitalization of $17.78 billion, a P/E ratio of 34.64 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 dated 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 transaction, the director now owns 4,986 shares in the company, valued at $1,333,206.54. The transaction was disclosed in a document filed 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 dated Monday, July 10th. The shares were sold at an average price of $256.06, for a total value of $85,267.98. Following the completion of the transaction, the insider now owns 45,096 shares in the company, valued at approximately $11,547,281.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,147 shares of company stock valued at $2,955,357. 3.30% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of ESS. Tower Research Capital LLC TRC boosted its holdings in Essex Property Trust by 145.3% during the second 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 last quarter. Sun Life Financial INC increased its position in shares of Essex Property Trust by 5,900.0% during the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after purchasing an additional 472 shares during the last quarter. Muzinich & Co. Inc. increased its position in shares of Essex Property Trust by 246.5% during the 1st quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock worth $128,000 after purchasing an additional 392 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Essex Property Trust by 118.0% during the 1st quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock worth $151,000 after purchasing an additional 354 shares during the last quarter. Finally, FNY Partners Fund LP acquired a new position in shares of Essex Property Trust during the 1st quarter worth approximately $165,000. Institutional investors and hedge funds own 99.55% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Essex Property Trust Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust Inc. and related companies with MarketBeat.com's FREE daily email newsletter.