Jefferies Financial Group Research Analysts Decrease Earnings Estimates for Essex Property Trust Inc (NYSE:ESS)

Essex Property Trust Inc (NYSE:ESS) – Research analysts at Jefferies Financial Group cut their Q3 2019 earnings per share estimates for Essex Property Trust in a research report issued to clients and investors on Monday, October 14th. Jefferies Financial Group analyst J. Petersen now expects that the real estate investment trust will earn $3.34 per share for the quarter, down from their prior forecast of $3.36. Jefferies Financial Group also issued estimates for Essex Property Trust’s Q4 2019 earnings at $3.41 EPS, FY2019 earnings at $13.32 EPS, Q1 2020 earnings at $3.48 EPS, Q2 2020 earnings at $3.54 EPS, Q3 2020 earnings at $3.58 EPS, Q4 2020 earnings at $3.58 EPS, FY2020 earnings at $14.18 EPS and Q1 2021 earnings at $3.63 EPS.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 firm had revenue of $361.64 million during the quarter, compared to analyst estimates of $358.15 million. During the same period in the prior year, the company earned $3.14 EPS.

Several other research analysts also recently issued reports on ESS. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research note on Monday, September 16th. Barclays set a $350.00 price objective on Essex Property Trust and gave the company a “buy” rating in a research note on Friday, October 11th. BTIG Research raised Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 price objective for the company in a research note on Thursday, August 15th. Stifel Nicolaus upped their price objective on Essex Property Trust from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Morgan Stanley upped their price objective on Essex Property Trust from $320.00 to $354.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Essex Property Trust has a consensus rating of “Buy” and an average target price of $303.77.

Essex Property Trust stock opened at $328.34 on Wednesday. The business has a 50 day moving average of $325.25 and a 200-day moving average of $302.36. Essex Property Trust has a 1 year low of $235.51 and a 1 year high of $333.32. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $21.49 billion, a P/E ratio of 25.35, a P/E/G ratio of 3.85 and a beta of 0.33.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Friday, September 27th. Essex Property Trust’s payout ratio is presently 62.05%.

In related news, CIO Adam W. Berry sold 9,369 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $314.22, for a total value of $2,943,927.18. Following the sale, the executive now directly owns 11,966 shares in the company, valued at $3,759,956.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John F. Burkart sold 13,807 shares of the company’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 sale, the insider now owns 17,726 shares in the company, valued at $5,541,502.12. The disclosure for this sale can be found here. Insiders sold 81,551 shares of company stock worth $25,904,657 over the last quarter. 3.60% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its holdings in shares of Essex Property Trust by 22.4% during the 1st quarter. FMR LLC now owns 2,303,608 shares of the real estate investment trust’s stock worth $666,295,000 after buying an additional 420,856 shares in the last quarter. APG Asset Management N.V. boosted its holdings in shares of Essex Property Trust by 2.8% during the 2nd quarter. APG Asset Management N.V. now owns 14,768 shares of the real estate investment trust’s stock worth $3,786,000 after buying an additional 400 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Essex Property Trust by 36.1% during the 2nd quarter. Signaturefd LLC now owns 230 shares of the real estate investment trust’s stock worth $67,000 after buying an additional 61 shares in the last quarter. Riverhead Capital Management LLC boosted its holdings in shares of Essex Property Trust by 23.1% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,139 shares of the real estate investment trust’s stock worth $1,792,000 after buying an additional 1,150 shares in the last quarter. Finally, California State Teachers Retirement System boosted its holdings in shares of Essex Property Trust by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 108,433 shares of the real estate investment trust’s stock worth $31,655,000 after buying an additional 320 shares in the last quarter. Institutional investors and hedge funds own 96.88% of the company’s stock.

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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