Analysts Anticipate Essex Property Trust, Inc. (NYSE:ESS) Will Post Earnings of $3.35 Per Share

Equities research analysts predict that Essex Property Trust, Inc. (NYSE:ESS – Get Rating) will post earnings per share of $3.35 for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Essex Property Trust’s earnings, with estimates ranging from $3.27 to $3.39. Essex Property Trust posted earnings of $3.07 per share in the same quarter last year, which would indicate a positive year over year growth rate of 9.1%. The firm is expected to report its next quarterly earnings report after the market closes on Monday, January 1st.

On average, analysts expect that Essex Property Trust will report full year earnings of $13.92 per share for the current financial year, with EPS estimates ranging from $13.70 to $14.14. For the next year, analysts anticipate that the business will post earnings of $15.10 per share, with EPS estimates ranging from $14.75 to $15.68. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that cover Essex Property Trust.

Essex Property Trust (NYSE:ESS – Get Rating) last announced its quarterly earnings data on Wednesday, February 2nd. The real estate investment trust reported $2.10 EPS for the quarter, missing the consensus estimate of $3.24 by ($1.14). Essex Property Trust had a net margin of 33.91% and a return on equity of 6.60%. During the same quarter last year, the firm earned $3.02 EPS.

Several analysts have commented on the stock. Barclays lifted their price objective on shares of Essex Property Trust from $335.00 to $367.00 in a research note on Tuesday, January 18th. KeyCorp boosted their target price on shares of Essex Property Trust from $363.00 to $371.00 and gave the company an “overweight” rating in a research note on Thursday, January 13th. Mizuho decreased their target price on shares of Essex Property Trust from $382.00 to $342.00 and set a “buy” rating for the company in a research note on Wednesday, February 16th. StockNews.com assumed coverage on shares of Essex Property Trust in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Truist Financial decreased their target price on shares of Essex Property Trust from $378.00 to $370.00 and set a “buy” rating for the company in a research note on Monday, March 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Essex Property Trust presently has a consensus rating of “Hold” and an average price target of $361.27.

In other news, COO Angela L. Kleiman sold 6,309 shares of the company’s stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $354.21, for a total transaction of $2,234,710.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Schall sold 12,132 shares of the company’s stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $349.19, for a total transaction of $4,236,373.08. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in shares of Essex Property Trust by 5.2% in the third quarter. American Century Companies Inc. now owns 579,218 shares of the real estate investment trust’s stock valued at $185,199,000 after purchasing an additional 28,795 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in shares of Essex Property Trust by 1.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 26,820 shares of the real estate investment trust’s stock valued at $8,690,000 after purchasing an additional 405 shares during the period. DNB Asset Management AS grew its holdings in shares of Essex Property Trust by 5.7% in the fourth quarter. DNB Asset Management AS now owns 11,057 shares of the real estate investment trust’s stock valued at $3,895,000 after purchasing an additional 601 shares during the period. UBS Group AG grew its holdings in shares of Essex Property Trust by 16.7% in the third quarter. UBS Group AG now owns 200,737 shares of the real estate investment trust’s stock valued at $64,184,000 after purchasing an additional 28,705 shares during the period. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Essex Property Trust by 7.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 15,550 shares of the real estate investment trust’s stock valued at $5,477,000 after purchasing an additional 1,056 shares during the period. 92.64% of the stock is owned by institutional investors and hedge funds.

NYSE ESS traded down $1.80 on Friday, hitting $345.51. 178,339 shares of the company’s stock traded hands, compared to its average volume of 274,404. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 1.02. Essex Property Trust has a 1-year low of $278.30 and a 1-year high of $359.49. The firm’s 50-day moving average price is $334.91 and its two-hundred day moving average price is $338.04. The firm has a market capitalization of $22.49 billion, a PE ratio of 46.01, a P/E/G ratio of 4.07 and a beta of 0.76.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, March 31st were issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend was Wednesday, March 30th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.09. Essex Property Trust’s payout ratio is presently 117.18%.

About Essex Property Trust (Get Rating)

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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