Zacks: Analysts Anticipate Essex Property Trust Inc (NYSE:ESS) to Announce $3.35 Earnings Per Share

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Equities research analysts forecast that Essex Property Trust Inc (NYSE:ESS) will announce earnings of $3.35 per share for the current quarter, according to Zacks Investment Research. Ten analysts have provided estimates for Essex Property Trust’s earnings, with the highest EPS estimate coming in at $3.39 and the lowest estimate coming in at $3.30. Essex Property Trust posted earnings per share of $3.15 during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.3%. The company is scheduled to issue its next earnings report on Monday, November 4th.

On average, analysts expect that Essex Property Trust will report full-year earnings of $13.32 per share for the current financial year, with EPS estimates ranging from $13.26 to $13.36. For the next financial year, analysts forecast that the company will post earnings of $14.09 per share, with EPS estimates ranging from $13.90 to $14.38. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that cover Essex Property Trust.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.26 by ($1.86). Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. The firm had revenue of $361.64 million for the quarter, compared to analyst estimates of $358.15 million. During the same period last year, the business earned $3.14 EPS.

Several equities research analysts recently weighed in on the company. Barclays raised their price objective on Essex Property Trust from $310.00 to $328.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Robert W. Baird downgraded Essex Property Trust from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $297.00 to $302.00 in a report on Tuesday, June 18th. KeyCorp raised their price objective on Essex Property Trust from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Stifel Nicolaus raised their price objective on Essex Property Trust from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, BMO Capital Markets set a $310.00 price objective on Essex Property Trust and gave the company a “hold” rating in a report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $296.73.

In other Essex Property Trust news, insider John F. Burkart sold 13,807 shares of Essex Property Trust stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $312.62, for a total transaction of $4,316,344.34. Following the transaction, the insider now directly owns 17,726 shares of the company’s stock, valued at approximately $5,541,502.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.60% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Krane Funds Advisors LLC bought a new position in shares of Essex Property Trust in the 2nd quarter valued at $25,000. Front Row Advisors LLC increased its stake in shares of Essex Property Trust by 1,055.6% in the 1st quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 95 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new position in shares of Essex Property Trust in the 1st quarter valued at $32,000. Zions Bancorporation N.A. acquired a new stake in shares of Essex Property Trust during the 1st quarter valued at $33,000. Finally, Pearl River Capital LLC acquired a new stake in shares of Essex Property Trust during the 1st quarter valued at $38,000. 97.65% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE ESS traded up $2.09 during mid-day trading on Friday, hitting $314.72. 396,800 shares of the stock traded hands, compared to its average volume of 349,777. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.92 and a quick ratio of 0.92. Essex Property Trust has a twelve month low of $235.51 and a twelve month high of $316.88. The company has a market cap of $20.55 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 3.79 and a beta of 0.37. The firm has a 50 day simple moving average of $302.28 and a two-hundred day simple moving average of $290.03.

Essex Property Trust Company Profile

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 245 apartment communities with an additional 6 properties in various stages of active development.

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

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