Essex Property Trust Inc (NYSE:ESS) to Post FY2018 Earnings of $12.58 Per Share, SunTrust Banks Forecasts
Essex Property Trust Inc (NYSE:ESS) – Analysts at SunTrust Banks lifted their FY2018 earnings per share (EPS) estimates for shares of Essex Property Trust in a research report issued to clients and investors on Wednesday, November 14th, Zacks Investment Research reports. SunTrust Banks analyst M. Lewis now anticipates that the real estate investment trust will post earnings of $12.58 per share for the year, up from their prior forecast of $12.56. SunTrust Banks also issued estimates for Essex Property Trust’s Q4 2018 earnings at $3.20 EPS, Q1 2019 earnings at $3.22 EPS, Q2 2019 earnings at $3.32 EPS, Q3 2019 earnings at $3.33 EPS, Q4 2019 earnings at $3.37 EPS, FY2019 earnings at $13.24 EPS, FY2020 earnings at $14.12 EPS, FY2021 earnings at $14.31 EPS and FY2022 earnings at $14.58 EPS.
A number of other analysts have also commented on ESS. Royal Bank of Canada reaffirmed a “buy” rating and set a $269.00 price objective on shares of Essex Property Trust in a research note on Thursday, August 30th. ValuEngine raised shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Citigroup lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $280.00 to $260.00 in a research note on Friday, September 14th. Jefferies Financial Group reiterated a “hold” rating and issued a $247.00 target price on shares of Essex Property Trust in a report on Monday, October 1st. Finally, Zacks Investment Research upgraded Essex Property Trust from a “hold” rating to a “buy” rating and set a $275.00 target price on the stock in a report on Wednesday, October 3rd. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Essex Property Trust currently has an average rating of “Buy” and an average target price of $264.84.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.14 by ($1.92). Essex Property Trust had a net margin of 27.01% and a return on equity of 5.52%. The business had revenue of $350.92 million during the quarter, compared to analyst estimates of $351.58 million. During the same period in the previous year, the company posted $2.98 earnings per share.
In other news, insider John D. Eudy sold 1,834 shares of the stock in a transaction that occurred on Wednesday, October 24th. The stock was sold at an average price of $252.13, for a total value of $462,406.42. Following the completion of the sale, the insider now directly owns 11,486 shares of the company’s stock, valued at $2,895,965.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Schall sold 3,012 shares of the firm’s stock in a transaction on Wednesday, October 24th. The stock was sold at an average price of $252.63, for a total value of $760,921.56. Following the completion of the transaction, the chief executive officer now directly owns 47,997 shares of the company’s stock, valued at $12,125,482.11. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,429 shares of company stock worth $1,626,398. Corporate insiders own 3.30% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its position in Essex Property Trust by 1.1% in the third quarter. BlackRock Inc. now owns 6,890,158 shares of the real estate investment trust’s stock worth $1,699,871,000 after purchasing an additional 78,034 shares during the period. Cohen & Steers Inc. lifted its position in Essex Property Trust by 18.3% in the third quarter. Cohen & Steers Inc. now owns 6,591,248 shares of the real estate investment trust’s stock worth $1,626,127,000 after purchasing an additional 1,021,374 shares during the period. Daiwa Securities Group Inc. lifted its position in Essex Property Trust by 24.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,094,825 shares of the real estate investment trust’s stock worth $516,815,000 after purchasing an additional 411,401 shares during the period. JPMorgan Chase & Co. lifted its position in Essex Property Trust by 35.6% in the third quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock worth $363,125,000 after purchasing an additional 386,035 shares during the period. Finally, Cbre Clarion Securities LLC lifted its position in Essex Property Trust by 59.4% in the second quarter. Cbre Clarion Securities LLC now owns 1,377,419 shares of the real estate investment trust’s stock worth $329,300,000 after purchasing an additional 513,352 shares during the period. 96.93% of the stock is owned by hedge funds and other institutional investors.
Essex Property Trust Company Profile
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. The Company currently has ownership interests in 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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