Brokerages Anticipate Essex Property Trust, Inc. (NYSE:ESS) Will Announce Earnings of $3.04 Per Share


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Wall Street brokerages predict that Essex Property Trust, Inc. (NYSE:ESS) will post earnings of $3.04 per share for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Essex Property Trust’s earnings, with estimates ranging from $2.99 to $3.09. Essex Property Trust reported earnings of $3.48 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 12.6%. The firm is expected to issue its next earnings results after the market closes on Wednesday, May 5th.

According to Zacks, analysts expect that Essex Property Trust will report full year earnings of $12.30 per share for the current fiscal year, with EPS estimates ranging from $12.07 to $12.60. For the next fiscal year, analysts expect that the firm will post earnings of $13.07 per share, with EPS estimates ranging from $12.60 to $13.41. Zacks’ EPS averages are a mean average based on a survey of research firms that cover Essex Property Trust.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, February 4th. The real estate investment trust reported $1.47 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.12 by ($1.65). Essex Property Trust had a return on equity of 9.46% and a net margin of 39.89%. During the same period in the previous year, the firm posted $1.95 EPS.

Several equities research analysts have recently commented on ESS shares. Smith Barney Citigroup upped their price target on Essex Property Trust from $235.00 to $250.00 in a research note on Tuesday, December 15th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price objective on Essex Property Trust from $235.00 to $250.00 in a report on Tuesday, December 15th. Evercore ISI raised Essex Property Trust from an “in-line” rating to an “outperform” rating in a report on Wednesday, January 20th. Raymond James reaffirmed a “sell” rating on shares of Essex Property Trust in a report on Tuesday, February 23rd. Finally, Royal Bank of Canada started coverage on Essex Property Trust in a report on Tuesday, March 30th. They set an “outperform” rating and a $303.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $268.75.

Essex Property Trust stock opened at $282.83 on Monday. Essex Property Trust has a 12 month low of $186.30 and a 12 month high of $294.79. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.14 and a quick ratio of 3.14. The business has a 50 day simple moving average of $272.98 and a 200-day simple moving average of $243.18. The stock has a market capitalization of $18.38 billion, a PE ratio of 30.98, a price-to-earnings-growth ratio of 7.69 and a beta of 0.79.

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st will be issued a $2.09 dividend. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.08. The ex-dividend date of this dividend is Tuesday, March 30th. This represents a $8.36 annualized dividend and a yield of 2.96%. Essex Property Trust’s dividend payout ratio is 62.48%.

A number of institutional investors have recently bought and sold shares of ESS. Norges Bank acquired a new stake in shares of Essex Property Trust during the fourth quarter valued at $485,997,000. Principal Financial Group Inc. boosted its stake in shares of Essex Property Trust by 28.9% during the fourth quarter. Principal Financial Group Inc. now owns 3,220,194 shares of the real estate investment trust’s stock valued at $764,538,000 after acquiring an additional 721,110 shares during the last quarter. Resolution Capital Ltd acquired a new stake in shares of Essex Property Trust during the fourth quarter valued at $137,715,000. Janus Henderson Group PLC boosted its stake in shares of Essex Property Trust by 992.7% during the fourth quarter. Janus Henderson Group PLC now owns 234,540 shares of the real estate investment trust’s stock valued at $55,683,000 after acquiring an additional 213,076 shares during the last quarter. Finally, Boston Partners boosted its stake in shares of Essex Property Trust by 54.1% during the fourth quarter. Boston Partners now owns 517,998 shares of the real estate investment trust’s stock valued at $122,983,000 after acquiring an additional 181,862 shares during the last quarter. 95.40% of the stock is currently owned by institutional investors.

About Essex Property Trust

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.

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

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