$346.07 Million in Sales Expected for Essex Property Trust Inc (ESS) This Quarter

Analysts expect that Essex Property Trust Inc (NYSE:ESS) will announce $346.07 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have made estimates for Essex Property Trust’s earnings, with estimates ranging from $343.50 million to $349.48 million. Essex Property Trust reported sales of $329.04 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.2%. The business is expected to report its next quarterly earnings results after the market closes on Wednesday, February 7th.

On average, analysts expect that Essex Property Trust will report full-year sales of $346.07 million for the current financial year, with estimates ranging from $1.36 billion to $1.37 billion. For the next financial year, analysts expect that the company will post sales of $1.42 billion per share, with estimates ranging from $1.39 billion to $1.45 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Essex Property Trust.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.22 earnings per share for the quarter, missing the consensus estimate of $2.96 by ($1.74). Essex Property Trust had a return on equity of 8.19% and a net margin of 38.95%.

Several analysts have commented on ESS shares. Zacks Investment Research raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 price objective on the stock in a research report on Tuesday, October 10th. Robert W. Baird reaffirmed a “buy” rating and issued a $273.00 price objective on shares of Essex Property Trust in a research report on Tuesday, October 17th. Barclays reaffirmed a “buy” rating and issued a $283.00 price objective on shares of Essex Property Trust in a research report on Thursday, October 19th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $276.00 price objective on shares of Essex Property Trust in a research report on Friday, October 20th. Finally, SunTrust Banks reaffirmed a “hold” rating and issued a $270.00 price objective on shares of Essex Property Trust in a research report on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $269.41.

Shares of Essex Property Trust (NYSE ESS) traded up $0.50 during mid-day trading on Tuesday, reaching $227.60. 379,091 shares of the company’s stock traded hands, compared to its average volume of 378,020. The company has a market capitalization of $14,990.00, a price-to-earnings ratio of 28.52, a price-to-earnings-growth ratio of 2.93 and a beta of 0.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88. Essex Property Trust has a twelve month low of $218.41 and a twelve month high of $270.04.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be given a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Thursday, December 28th. Essex Property Trust’s dividend payout ratio (DPR) is currently 87.72%.

In other news, CFO Angela L. Kleiman sold 600 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $247.16, for a total value of $148,296.00. Following the sale, the chief financial officer now owns 7,777 shares of the company’s stock, valued at $1,922,163.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Schall sold 334 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $255.50, for a total transaction of $85,337.00. Following the completion of the sale, the chief executive officer now directly owns 45,097 shares in the company, valued at approximately $11,522,283.50. The disclosure for this sale can be found here. In the last three months, insiders sold 9,687 shares of company stock worth $2,408,772. Insiders own 3.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ESS. Janus Henderson Group PLC raised its position in shares of Essex Property Trust by 292.6% in the third quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock valued at $119,358,000 after purchasing an additional 350,192 shares during the period. Koch Industries Inc. bought a new stake in shares of Essex Property Trust in the second quarter valued at approximately $301,000. Barings LLC bought a new stake in shares of Essex Property Trust in the third quarter valued at approximately $63,549,000. Canada Pension Plan Investment Board raised its position in shares of Essex Property Trust by 7,265.5% in the third quarter. Canada Pension Plan Investment Board now owns 184,505 shares of the real estate investment trust’s stock valued at $46,870,000 after purchasing an additional 182,000 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in Essex Property Trust by 120.1% during the 2nd quarter. Renaissance Technologies LLC now owns 250,900 shares of the real estate investment trust’s stock worth $64,549,000 after acquiring an additional 136,900 shares during the period. 97.15% of the stock is currently owned by institutional investors.

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

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