Equities research analysts predict that Essex Property Trust Inc (NYSE:ESS) will announce $364.02 million in sales for the current quarter, Zacks Investment Research reports. Ten analysts have issued estimates for Essex Property Trust’s earnings, with the lowest sales estimate coming in at $358.49 million and the highest estimate coming in at $375.35 million. Essex Property Trust posted sales of $350.92 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.7%. The firm is expected to issue its next earnings results on Monday, November 4th.
According to Zacks, analysts expect that Essex Property Trust will report full year sales of $1.44 billion for the current financial year, with estimates ranging from $1.42 billion to $1.47 billion. For the next year, analysts anticipate that the firm will post sales of $1.51 billion, with estimates ranging from $1.46 billion to $1.57 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Essex Property Trust.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.26 by ($1.86). Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. The company had revenue of $361.64 million for the quarter, compared to analyst estimates of $358.15 million. During the same quarter in the prior year, the business earned $3.14 earnings per share.
In other news, insider John F. Burkart sold 13,807 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $312.62, for a total value of $4,316,344.34. Following the completion of the transaction, the insider now owns 17,726 shares of the company’s stock, valued at $5,541,502.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 3.60% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Krane Funds Advisors LLC purchased a new position in Essex Property Trust in the second quarter worth approximately $25,000. Front Row Advisors LLC lifted its stake in Essex Property Trust by 1,055.6% in the first quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 95 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new position in Essex Property Trust in the first quarter worth approximately $32,000. Zions Bancorporation N.A. purchased a new position in Essex Property Trust in the first quarter worth approximately $33,000. Finally, Pearl River Capital LLC purchased a new position in Essex Property Trust in the first quarter worth approximately $38,000. Institutional investors own 97.65% of the company’s stock.
Shares of ESS traded up $2.09 during trading on Tuesday, reaching $314.72. 396,800 shares of the company traded hands, compared to its average volume of 349,777. Essex Property Trust has a twelve month low of $235.51 and a twelve month high of $316.88. The stock has a market cap of $20.55 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 3.79 and a beta of 0.37. The stock has a 50-day simple moving average of $302.28 and a 200-day simple moving average of $290.03. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.92.
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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