Essex Property Trust, Inc. (ESS) to Post FY2017 Earnings of $11.90 Per Share, KeyCorp Forecasts

Essex Property Trust, Inc. (NYSE:ESS) – Stock analysts at KeyCorp lifted their FY2017 earnings per share estimates for shares of Essex Property Trust in a research note issued on Monday. KeyCorp analyst A. Wurschmidt now forecasts that the real estate investment trust will earn $11.90 per share for the year, up from their prior estimate of $11.81. KeyCorp also issued estimates for Essex Property Trust’s FY2018 earnings at $12.42 EPS.

Other equities analysts have also recently issued research reports about the stock. BidaskClub cut shares of Essex Property Trust from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Mizuho raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and raised their price target for the company from $199.00 to $212.00 in a research report on Monday, May 1st. Cantor Fitzgerald reissued a “buy” rating and issued a $269.00 price target on shares of Essex Property Trust in a research report on Wednesday, May 3rd. Zacks Investment Research raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $283.00 price target for the company in a research report on Tuesday, July 11th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $267.00 price target on shares of Essex Property Trust in a research report on Sunday, July 16th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $264.36.

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Shares of Essex Property Trust (ESS) traded up 0.61% during mid-day trading on Tuesday, hitting $264.30. The company had a trading volume of 43,978 shares. The firm has a market capitalization of $17.44 billion, a price-to-earnings ratio of 33.98 and a beta of 0.52. Essex Property Trust has a 52-week low of $200.01 and a 52-week high of $268.97. The firm has a 50-day moving average price of $260.50 and a 200 day moving average price of $246.62.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.05. The firm had revenue of $339.06 million during the quarter, compared to analyst estimates of $336.17 million. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. During the same quarter in the previous year, the business earned $2.74 earnings per share.

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Essex Property Trust by 0.8% in the second quarter. Vanguard Group Inc. now owns 11,496,906 shares of the real estate investment trust’s stock worth $2,957,809,000 after buying an additional 92,531 shares during the period. BlackRock Inc. boosted its stake in shares of Essex Property Trust by 1.5% in the second quarter. BlackRock Inc. now owns 6,573,361 shares of the real estate investment trust’s stock worth $1,691,128,000 after buying an additional 94,331 shares during the period. State Street Corp boosted its stake in shares of Essex Property Trust by 0.7% in the second quarter. State Street Corp now owns 4,744,926 shares of the real estate investment trust’s stock worth $1,220,731,000 after buying an additional 30,726 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Essex Property Trust by 0.7% in the first quarter. Daiwa Securities Group Inc. now owns 2,350,895 shares of the real estate investment trust’s stock worth $544,303,000 after buying an additional 16,150 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Essex Property Trust by 4.3% in the second quarter. Principal Financial Group Inc. now owns 2,247,592 shares of the real estate investment trust’s stock worth $578,237,000 after buying an additional 91,814 shares during the period. 99.74% of the stock is owned by institutional investors and hedge funds.

In other news, Director Janice L. Sears sold 3,000 shares of Essex Property Trust stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $253.92, for a total transaction of $761,760.00. Following the completion of the sale, the director now directly owns 3,698 shares of the company’s stock, valued at approximately $938,996.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gary P. Martin sold 1,000 shares of Essex Property Trust stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $261.94, for a total transaction of $261,940.00. Following the sale, the director now directly owns 6,236 shares of the company’s stock, valued at $1,633,457.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,666 shares of company stock valued at $1,456,821. Corporate insiders own 3.30% of the company’s stock.

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.

Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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