Q4 2016 Earnings Forecast for Essex Property Trust Inc. Issued By Capital One Financial Corp. (ESS)
Essex Property Trust Inc. (NYSE:ESS) – Research analysts at Capital One Financial Corp. dropped their Q4 2016 EPS estimates for Essex Property Trust in a report issued on Tuesday. Capital One Financial Corp. analyst T. Lesnick now forecasts that the brokerage will post earnings of $2.82 per share for the quarter, down from their previous estimate of $2.84. Capital One Financial Corp. also issued estimates for Essex Property Trust’s Q2 2017 earnings at $2.97 EPS, Q4 2017 earnings at $3.01 EPS and FY2017 earnings at $11.93 EPS.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Thursday, October 27th. The real estate investment trust reported $2.81 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.76 by $0.05. Essex Property Trust had a return on equity of 4.76% and a net margin of 23.54%. The firm had revenue of $329.17 million for the quarter, compared to analyst estimates of $325.44 million. During the same period last year, the company earned $2.49 earnings per share. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis.
Several other research analysts also recently commented on the company. Barclays PLC reaffirmed a “hold” rating and issued a $232.00 price target on shares of Essex Property Trust in a research report on Tuesday. Canaccord Genuity dropped their price target on Essex Property Trust from $246.00 to $219.00 and set a “hold” rating on the stock in a research report on Monday, October 31st. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $252.00 price target on shares of Essex Property Trust in a research report on Friday, October 28th. BTIG Research began coverage on Essex Property Trust in a research report on Thursday, August 25th. They issued a “buy” rating and a $260.00 price target on the stock. Finally, Jefferies Group lifted their price target on Essex Property Trust from $209.00 to $210.00 and gave the stock a “hold” rating in a research report on Wednesday, August 10th. Thirteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $242.93.
Essex Property Trust (NYSE:ESS) opened at 215.33 on Thursday. The firm has a market capitalization of $14.11 billion, a price-to-earnings ratio of 47.79 and a beta of 0.54. The stock’s 50 day moving average price is $214.74 and its 200-day moving average price is $222.30. Essex Property Trust has a one year low of $191.25 and a one year high of $244.71.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Essex Property Trust by 1.6% in the second quarter. Vanguard Group Inc. now owns 10,985,794 shares of the real estate investment trust’s stock worth $2,505,750,000 after buying an additional 175,189 shares in the last quarter. Cohen & Steers Inc. increased its stake in Essex Property Trust by 10.9% in the second quarter. Cohen & Steers Inc. now owns 5,562,780 shares of the real estate investment trust’s stock worth $1,268,814,000 after buying an additional 547,566 shares in the last quarter. State Street Corp increased its stake in Essex Property Trust by 3.9% in the second quarter. State Street Corp now owns 4,471,369 shares of the real estate investment trust’s stock worth $1,019,881,000 after buying an additional 168,531 shares in the last quarter. FMR LLC increased its stake in Essex Property Trust by 3.4% in the second quarter. FMR LLC now owns 3,418,761 shares of the real estate investment trust’s stock worth $779,785,000 after buying an additional 113,693 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Essex Property Trust by 1.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,720,897 shares of the real estate investment trust’s stock worth $620,609,000 after buying an additional 35,747 shares in the last quarter. Institutional investors own 99.10% of the company’s stock.
In other news, insider John D. Eudy sold 2,500 shares of the business’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $226.41, for a total transaction of $566,025.00. Following the completion of the sale, the insider now owns 9,268 shares in the company, valued at $2,098,367.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 3.50% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, September 28th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 2.97%. Essex Property Trust’s payout ratio is currently 141.91%.
About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Company is engaged in the ownership, operation, management, acquisition, development and redevelopment of apartment communities.
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