Analysts Anticipate Essex Property Trust, Inc. (NYSE:ESS) Will Post Earnings of $3.49 Per Share

Wall Street analysts forecast that Essex Property Trust, Inc. (NYSE:ESSGet Rating) will post earnings per share of $3.49 for the current quarter, Zacks reports. Seven analysts have made estimates for Essex Property Trust’s earnings, with the highest EPS estimate coming in at $3.56 and the lowest estimate coming in at $3.44. Essex Property Trust posted earnings of $3.04 per share during the same quarter last year, which suggests a positive year over year growth rate of 14.8%. The firm is scheduled to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Essex Property Trust will report full year earnings of $13.99 per share for the current year, with EPS estimates ranging from $13.84 to $14.19. For the next fiscal year, analysts forecast that the firm will post earnings of $15.18 per share, with EPS estimates ranging from $14.77 to $15.70. Zacks Investment Research’s EPS averages are an average based on a survey of research firms that that provide coverage for Essex Property Trust.

Essex Property Trust (NYSE:ESSGet Rating) last posted its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $1.12 EPS for the quarter, missing the consensus estimate of $3.35 by ($2.23). Essex Property Trust had a return on equity of 5.25% and a net margin of 26.81%. During the same quarter in the previous year, the company posted $3.07 earnings per share.

A number of research analysts have commented on the stock. Mizuho cut their target price on shares of Essex Property Trust from $382.00 to $342.00 and set a “buy” rating on the stock in a research report on Wednesday, February 16th. Scotiabank lowered their target price on shares of Essex Property Trust from $340.00 to $333.00 in a research note on Thursday. StockNews.com began coverage on shares of Essex Property Trust in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Piper Sandler decreased their price objective on shares of Essex Property Trust from $420.00 to $400.00 in a research note on Wednesday, May 4th. Finally, Truist Financial decreased their price objective 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 equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Essex Property Trust currently has an average rating of “Hold” and an average price target of $358.67.

In other news, CEO Michael J. Schall sold 12,132 shares of Essex Property Trust stock in a transaction dated Tuesday, March 29th. The stock was sold at an average price of $349.19, for a total value of $4,236,373.08. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Angela L. Kleiman sold 6,309 shares of the business’s stock in a transaction that occurred on Tuesday, March 29th. The stock was sold at an average price of $354.21, for a total value of $2,234,710.89. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Essex Property Trust by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock worth $3,667,195,000 after purchasing an additional 184,047 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Essex Property Trust by 3.8% in the 4th quarter. BlackRock Inc. now owns 6,686,520 shares of the real estate investment trust’s stock worth $2,355,194,000 after buying an additional 242,033 shares in the last quarter. Cohen & Steers Inc. raised its holdings in shares of Essex Property Trust by 8.9% in the 3rd quarter. Cohen & Steers Inc. now owns 5,535,111 shares of the real estate investment trust’s stock worth $1,769,943,000 after buying an additional 450,710 shares in the last quarter. State Street Corp increased its holdings in Essex Property Trust by 6.5% during the 1st quarter. State Street Corp now owns 5,219,447 shares of the real estate investment trust’s stock valued at $1,814,408,000 after purchasing an additional 316,868 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Essex Property Trust by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,911,691 shares of the real estate investment trust’s stock valued at $1,005,930,000 after buying an additional 86,179 shares during the period. Institutional investors and hedge funds own 96.09% of the company’s stock.

NYSE ESS traded up $0.47 during trading on Friday, reaching $282.07. 1,091,214 shares of the company’s stock traded hands, compared to its average volume of 420,282. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.41 and a quick ratio of 1.41. The firm has a market cap of $18.43 billion, a price-to-earnings ratio of 46.70, a price-to-earnings-growth ratio of 4.13 and a beta of 0.74. The company’s 50 day simple moving average is $331.76 and its two-hundred day simple moving average is $335.67. Essex Property Trust has a 12-month low of $278.85 and a 12-month high of $363.36.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Wednesday, June 29th. Essex Property Trust’s dividend payout ratio is presently 145.70%.

Essex Property Trust Company Profile (Get Rating)

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

Featured Articles

Get a free copy of the Zacks research report on Essex Property Trust (ESS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.