Essex Property Trust Inc (NYSE:ESS) – SunTrust Banks lowered their Q3 2017 earnings per share (EPS) estimates for shares of Essex Property Trust in a research note issued on Thursday. SunTrust Banks analyst M. Lewis now expects that the real estate investment trust will post earnings per share of $2.91 for the quarter, down from their previous forecast of $2.92. SunTrust Banks currently has a “Hold” rating and a $257.00 target price on the stock. SunTrust Banks also issued estimates for Essex Property Trust’s Q4 2017 earnings at $2.93 EPS, Q1 2018 earnings at $2.98 EPS, Q2 2018 earnings at $3.02 EPS, Q3 2018 earnings at $3.08 EPS and Q4 2018 earnings at $3.13 EPS.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $2.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.89 by $0.05. Essex Property Trust had a net margin of 32.07% and a return on equity of 6.55%. The company had revenue of $335.40 million for the quarter, compared to the consensus estimate of $332.80 million. During the same quarter in the prior year, the company earned $2.68 EPS. COPYRIGHT VIOLATION NOTICE: “SunTrust Banks Analysts Decrease Earnings Estimates for Essex Property Trust Inc (ESS)” was posted by Stock Observer and is the sole property of of Stock Observer. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark legislation. The legal version of this story can be read at https://www.thestockobserver.com/2017/06/20/suntrust-banks-analysts-decrease-earnings-estimates-for-essex-property-trust-inc-ess-updated-updated-updated-updated.html.
ESS has been the subject of a number of other research reports. Canaccord Genuity boosted their price objective on Essex Property Trust from $230.00 to $238.00 and gave the company a “hold” rating in a research note on Wednesday, February 8th. Evercore ISI cut Essex Property Trust to a “buy” rating in a research note on Friday, March 3rd. Zelman & Associates cut Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Monday, February 13th. Barclays PLC upgraded Essex Property Trust from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $232.00 to $255.00 in a research note on Monday, January 23rd. They noted that the move was a valuation call. Finally, Jefferies Group LLC restated a “hold” rating and set a $220.00 price target on shares of Essex Property Trust in a research note on Tuesday, January 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. Essex Property Trust presently has a consensus rating of “Hold” and an average target price of $246.36.
Essex Property Trust (NYSE:ESS) opened at 254.55 on Friday. The firm has a market cap of $16.70 billion, a P/E ratio of 32.61 and a beta of 0.52. Essex Property Trust has a one year low of $200.01 and a one year high of $258.02. The company has a 50-day moving average of $242.35 and a 200 day moving average of $229.57.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Wednesday, June 28th. Essex Property Trust’s dividend payout ratio is presently 102.07%.
In related news, insider Michael J. Schall sold 17,458 shares of the company’s stock in a transaction on Friday, March 31st. The stock was sold at an average price of $232.01, for a total transaction of $4,050,430.58. Following the transaction, the insider now owns 59,763 shares of the company’s stock, valued at $13,865,613.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Byron A. Scordelis sold 5,250 shares of the company’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $234.26, for a total value of $1,229,865.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $702,780. The disclosure for this sale can be found here. Insiders have sold 60,993 shares of company stock worth $14,733,785 in the last ninety days. 3.50% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. TLP Group LLC purchased a new stake in Essex Property Trust during the third quarter valued at $118,000. Muzinich & Co. Inc. raised its stake in 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 during the period. Advisors Asset Management Inc. raised its stake in 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 during the period. FNY Partners Fund LP purchased a new stake in Essex Property Trust during the first quarter valued at $165,000. Finally, Warren Averett Asset Management LLC purchased a new stake in Essex Property Trust during the first quarter valued at $201,000. 98.95% of the stock is currently owned by institutional investors.
About Essex Property Trust
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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