$3.00 EPS Expected for Essex Property Trust Inc (ESS) This Quarter
Wall Street brokerages forecast that Essex Property Trust Inc (NYSE:ESS) will announce earnings per share (EPS) of $3.00 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 $2.97 and the highest is $3.04. Essex Property Trust posted earnings of $2.93 per share during the same quarter last year, which would indicate a positive year over year growth rate of 2.4%. The business is expected to report its next earnings results on Thursday, February 1st.
According to Zacks, analysts expect that Essex Property Trust will report full-year earnings of $11.89 per share for the current financial year, with EPS estimates ranging from $11.86 to $11.94. For the next financial year, analysts anticipate that the firm will report earnings of $12.44 per share, with EPS estimates ranging from $12.19 to $12.54. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow Essex Property Trust.
A number of equities research analysts recently issued reports on the company. Stifel Nicolaus assumed coverage on Essex Property Trust in a research note on Friday, September 1st. They issued a “buy” rating and a $294.00 target price on the stock. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $280.00 target price on shares of Essex Property Trust in a research note on Wednesday, September 13th. Robert W. Baird reaffirmed a “buy” rating and issued a $273.00 target price on shares of Essex Property Trust in a research note on Tuesday, September 12th. Barclays reissued a “buy” rating and set a $283.00 price target on shares of Essex Property Trust in a research note on Thursday, October 19th. Finally, Zacks Investment Research lowered Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Essex Property Trust currently has an average rating of “Hold” and a consensus price target of $271.19.
In other news, CFO Angela L. Kleiman sold 600 shares of the company’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $247.16, for a total transaction of $148,296.00. Following the completion of the sale, the chief financial officer now directly owns 7,777 shares in the company, valued at approximately $1,922,163.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Schall sold 4,801 shares of the company’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $247.37, for a total value of $1,187,623.37. Following the sale, the chief executive officer now owns 49,564 shares of the company’s stock, valued at $12,260,646.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,269 shares of company stock valued at $2,558,882. Insiders own 3.30% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Essex Property Trust by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 11,496,906 shares of the real estate investment trust’s stock valued at $2,957,809,000 after purchasing an additional 92,531 shares in the last quarter. BlackRock Inc. increased its holdings in Essex Property Trust by 1.5% in the 2nd quarter. BlackRock Inc. now owns 6,573,361 shares of the real estate investment trust’s stock valued at $1,691,128,000 after purchasing an additional 94,331 shares in the last quarter. State Street Corp increased its holdings in Essex Property Trust by 0.7% in the 2nd quarter. State Street Corp now owns 4,744,926 shares of the real estate investment trust’s stock valued at $1,220,731,000 after purchasing an additional 30,726 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Essex Property Trust by 3.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,328,165 shares of the real estate investment trust’s stock valued at $591,424,000 after purchasing an additional 80,573 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Essex Property Trust by 3.6% in the 2nd quarter. Northern Trust Corp now owns 1,094,493 shares of the real estate investment trust’s stock valued at $281,580,000 after purchasing an additional 37,953 shares in the last quarter. Institutional investors and hedge funds own 97.14% of the company’s stock.
Shares of Essex Property Trust (ESS) opened at $241.23 on Thursday. Essex Property Trust has a 52 week low of $218.41 and a 52 week high of $270.04. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $15,870.00, a P/E ratio of 30.23, a P/E/G ratio of 3.23 and a beta of 0.50.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a dividend of $1.75 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.90%. Essex Property Trust’s payout ratio is 87.72%.
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About Essex Property Trust
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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