Essex Property Trust, Inc. (NYSE:ESS) – Analysts at Jefferies Group issued their Q2 2017 earnings estimates for Essex Property Trust in a research report issued on Friday. Jefferies Group analyst O. Okusanya anticipates that the real estate investment trust will post earnings per share of $2.89 for the quarter. Jefferies Group currently has a “Neutral” rating on the stock. Jefferies Group also issued estimates for Essex Property Trust’s FY2018 earnings at $12.23 EPS.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $2.94 EPS for the quarter, beating the consensus estimate of $2.89 by $0.05. The company had revenue of $335.40 million for the quarter, compared to the consensus estimate of $332.80 million. Essex Property Trust had a net margin of 38.94% and a return on equity of 8.04%. During the same period in the prior year, the firm posted $2.68 EPS.
A number of other brokerages also recently commented on ESS. BidaskClub raised shares of Essex Property Trust from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. Evercore ISI downgraded shares of Essex Property Trust from an “in-line” rating to an “underperform” rating and set a $261.00 target price on the stock. in a research note on Monday, June 12th. BTIG Research cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a research report on Friday, June 30th. Barclays PLC lifted their price target on shares of Essex Property Trust from $267.00 to $269.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Zacks Investment Research upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 price target for the company in a research report on Tuesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. Essex Property Trust presently has an average rating of “Hold” and an average price target of $255.00.
Essex Property Trust (NYSE ESS) opened at 258.81 on Monday. The company has a market capitalization of $16.98 billion, a P/E ratio of 33.16 and a beta of 0.52. The firm has a 50-day moving average of $260.16 and a 200-day moving average of $238.93. Essex Property Trust has a 52 week low of $200.01 and a 52 week high of $268.97.
A number of hedge funds and other institutional investors have recently bought and sold shares of ESS. Muzinich & Co. Inc. increased its stake in shares of Essex Property Trust by 246.5% in the first quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 392 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Essex Property Trust by 118.0% in the first quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock valued at $151,000 after buying an additional 354 shares in the last quarter. FNY Partners Fund LP bought a new stake in shares of Essex Property Trust during the first quarter valued at $165,000. Perigon Wealth Management LLC increased its stake in shares of Essex Property Trust by 835.2% in the first quarter. Perigon Wealth Management LLC now owns 823 shares of the real estate investment trust’s stock valued at $192,000 after buying an additional 735 shares in the last quarter. Finally, RB Capital Management LLC bought a new stake in shares of Essex Property Trust during the second quarter valued at $218,000. Institutional investors own 99.92% of the company’s stock.
In other Essex Property Trust news, insider Michael J. Schall sold 13,668 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $252.63, for a total transaction of $3,452,946.84. Following the completion of the transaction, the insider now owns 58,431 shares in the company, valued at approximately $14,761,423.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Irving F. Lyons III sold 1,024 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $254.22, for a total transaction of $260,321.28. Following the transaction, the director now owns 8,854 shares of the company’s stock, valued at approximately $2,250,863.88. The disclosure for this sale can be found here. Insiders sold 32,826 shares of company stock valued at $8,272,799 in the last 90 days. Company insiders own 3.30% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Wednesday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is currently 89.74%.
Essex Property Trust Company Profile
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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