Zacks: Brokerages Expect Essex Property Trust Inc (ESS) Will Post Quarterly Sales of $358.25 Million

Analysts expect Essex Property Trust Inc (NYSE:ESS) to announce sales of $358.25 million for the current fiscal quarter, according to Zacks. Twelve analysts have made estimates for Essex Property Trust’s earnings. The lowest sales estimate is $354.87 million and the highest is $361.94 million. Essex Property Trust reported sales of $348.72 million during the same quarter last year, which indicates a positive year over year growth rate of 2.7%. The company is scheduled to report its next earnings report on Wednesday, August 7th.

According to Zacks, analysts expect that Essex Property Trust will report full-year sales of $1.44 billion for the current fiscal year, with estimates ranging from $1.43 billion to $1.45 billion. For the next fiscal year, analysts anticipate that the business will post sales of $1.50 billion, with estimates ranging from $1.46 billion to $1.54 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Essex Property Trust.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.19 by $0.04. The business had revenue of $356.22 million during the quarter, compared to analysts’ expectations of $353.55 million. Essex Property Trust had a net margin of 29.67% and a return on equity of 6.50%. During the same quarter last year, the company posted $3.09 earnings per share.

Several research analysts recently issued reports on ESS shares. BMO Capital Markets reissued a “hold” rating and set a $260.00 target price on shares of Essex Property Trust in a report on Wednesday, January 30th. Barclays raised shares of Essex Property Trust from a “neutral” rating to a “positive” rating in a report on Monday, February 4th. Citigroup set a $275.00 target price on shares of Essex Property Trust and gave the stock a “hold” rating in a report on Tuesday, February 5th. Jefferies Financial Group cut shares of Essex Property Trust from a “buy” rating to a “hold” rating and raised their target price for the stock from $290.00 to $295.00 in a report on Thursday, February 7th. They noted that the move was a valuation call. Finally, KeyCorp raised their target price on shares of Essex Property Trust from $268.00 to $301.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $282.17.

In other Essex Property Trust news, insider Michael J. Schall sold 2,682 shares of Essex Property Trust stock in a transaction on Friday, March 15th. The shares were sold at an average price of $290.10, for a total value of $778,048.20. Following the completion of the transaction, the insider now owns 43,533 shares of the company’s stock, valued at $12,628,923.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John D. Eudy sold 3,000 shares of Essex Property Trust stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $291.56, for a total transaction of $874,680.00. Following the completion of the transaction, the insider now directly owns 10,642 shares of the company’s stock, valued at approximately $3,102,781.52. The disclosure for this sale can be found here. Insiders sold 11,110 shares of company stock valued at $3,224,758 in the last ninety days. 3.60% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESS. Deutsche Bank AG grew its position in shares of Essex Property Trust by 433.7% in the fourth quarter. Deutsche Bank AG now owns 931,785 shares of the real estate investment trust’s stock valued at $228,478,000 after purchasing an additional 757,183 shares during the period. Norges Bank acquired a new position in shares of Essex Property Trust in the 4th quarter valued at $142,785,000. Boston Partners acquired a new position in shares of Essex Property Trust in the 4th quarter valued at $137,800,000. JPMorgan Chase & Co. boosted its holdings in shares of Essex Property Trust by 35.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock valued at $363,125,000 after buying an additional 386,035 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of Essex Property Trust by 10.5% in the 4th quarter. FMR LLC now owns 1,882,752 shares of the real estate investment trust’s stock valued at $461,670,000 after buying an additional 178,866 shares in the last quarter. 97.13% of the stock is owned by institutional investors.

Shares of Essex Property Trust stock traded up $2.38 during trading on Monday, hitting $286.55. 2,935 shares of the company’s stock were exchanged, compared to its average volume of 296,412. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.08 and a quick ratio of 1.08. Essex Property Trust has a 52-week low of $226.22 and a 52-week high of $294.61. The stock has a market cap of $18.63 billion, a PE ratio of 22.77, a price-to-earnings-growth ratio of 3.82 and a beta of 0.45.

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 245 apartment communities 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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