$3.22 Earnings Per Share Expected for Essex Property Trust, Inc. (NYSE:ESS) This Quarter

Equities research analysts expect Essex Property Trust, Inc. (NYSE:ESS) to post earnings per share of $3.22 for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Essex Property Trust’s earnings. The highest EPS estimate is $3.25 and the lowest is $3.17. Essex Property Trust posted earnings per share of $3.02 in the same quarter last year, which suggests a positive year-over-year growth rate of 6.6%. The company is scheduled to issue its next quarterly earnings report on Thursday, February 3rd.

According to Zacks, analysts expect that Essex Property Trust will report full year earnings of $12.46 per share for the current fiscal year, with EPS estimates ranging from $12.35 to $12.52. For the next year, analysts anticipate that the company will post earnings of $13.85 per share, with EPS estimates ranging from $13.53 to $14.24. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that cover Essex Property Trust.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, October 26th. The real estate investment trust reported $1.82 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.10 by ($1.28). Essex Property Trust had a net margin of 31.27% and a return on equity of 7.08%. The firm had revenue of $360.62 million during the quarter, compared to analyst estimates of $357.54 million. During the same period in the prior year, the company posted $3.15 earnings per share. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year.

A number of brokerages have issued reports on ESS. Piper Sandler raised their target price on Essex Property Trust from $340.00 to $390.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 1st. The Goldman Sachs Group began coverage on Essex Property Trust in a research note on Thursday, September 23rd. They issued a “sell” rating and a $325.00 target price for the company. Evercore ISI raised Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $381.00 target price for the company in a research note on Monday, October 25th. KeyCorp raised their target price on Essex Property Trust from $341.00 to $349.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 12th. Finally, Barclays began coverage on Essex Property Trust in a research note on Wednesday, September 1st. They issued an “equal weight” rating and a $335.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $334.53.

In other news, CEO Michael J. Schall sold 31,362 shares of Essex Property Trust stock in a transaction dated Thursday, October 28th. The stock was sold at an average price of $343.72, for a total value of $10,779,746.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas E. Robinson sold 2,500 shares of Essex Property Trust stock in a transaction dated Tuesday, August 31st. The shares were sold at an average price of $329.30, for a total value of $823,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 75,465 shares of company stock valued at $25,743,063 over the last 90 days. 3.80% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in ESS. Principal Financial Group Inc. boosted its stake in shares of Essex Property Trust by 1.5% in the 1st quarter. Principal Financial Group Inc. now owns 2,873,742 shares of the real estate investment trust’s stock valued at $781,199,000 after buying an additional 41,699 shares during the period. MML Investors Services LLC acquired a new stake in shares of Essex Property Trust during the 1st quarter worth about $268,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Essex Property Trust during the 1st quarter worth about $272,000. Twinbeech Capital LP acquired a new stake in shares of Essex Property Trust during the 1st quarter worth about $679,000. Finally, Cubist Systematic Strategies LLC raised its position in shares of Essex Property Trust by 24.3% during the 1st quarter. Cubist Systematic Strategies LLC now owns 14,281 shares of the real estate investment trust’s stock worth $3,882,000 after acquiring an additional 2,794 shares in the last quarter. Institutional investors and hedge funds own 92.35% of the company’s stock.

NYSE ESS traded up $5.85 during mid-day trading on Thursday, hitting $357.25. The stock had a trading volume of 246,025 shares, compared to its average volume of 344,254. Essex Property Trust has a twelve month low of $226.79 and a twelve month high of $357.90. The stock has a market capitalization of $23.25 billion, a price-to-earnings ratio of 51.93, a PEG ratio of 6.72 and a beta of 0.72. The firm’s 50 day moving average is $334.82 and its 200 day moving average is $321.16. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.25 and a quick ratio of 1.25.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Thursday, September 30th were issued a dividend of $2.09 per share. This represents a $8.36 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Wednesday, September 29th. Essex Property Trust’s dividend payout ratio is presently 121.51%.

Essex Property Trust Company Profile

Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.

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

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