Q3 2019 EPS Estimates for Essex Property Trust Inc (NYSE:ESS) Lifted by Mitsubishi UFJ Financial Group

Essex Property Trust Inc (NYSE:ESS) – Stock analysts at Mitsubishi UFJ Financial Group boosted their Q3 2019 earnings per share (EPS) estimates for shares of Essex Property Trust in a note issued to investors on Tuesday, August 13th. Mitsubishi UFJ Financial Group analyst K. Ford now anticipates that the real estate investment trust will post earnings per share of $3.39 for the quarter, up from their prior estimate of $3.31. Mitsubishi UFJ Financial Group also issued estimates for Essex Property Trust’s Q4 2019 earnings at $3.41 EPS, FY2019 earnings at $13.36 EPS, Q1 2020 earnings at $3.47 EPS, Q2 2020 earnings at $3.57 EPS, Q3 2020 earnings at $3.64 EPS, Q4 2020 earnings at $3.67 EPS and FY2020 earnings at $14.36 EPS.

ESS has been the subject of several other research reports. Citigroup raised their target price on shares of Essex Property Trust from $280.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Morgan Stanley raised their target price on shares of Essex Property Trust from $292.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. BTIG Research upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 target price for the company in a report on Thursday. Robert W. Baird lowered shares of Essex Property Trust from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $297.00 to $302.00 in a report on Tuesday, June 18th. Finally, Barclays raised their target price on shares of Essex Property Trust from $310.00 to $328.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $296.73.

Essex Property Trust stock opened at $314.72 on Thursday. The firm has a 50-day moving average price of $302.28 and a 200-day moving average price of $290.03. The firm has a market capitalization of $20.59 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 3.80 and a beta of 0.37. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.92. Essex Property Trust has a 12-month low of $235.51 and a 12-month high of $316.88.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $1.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.26 by ($1.86). The business had revenue of $361.64 million for the quarter, compared to the consensus estimate of $358.15 million. Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. During the same quarter last year, the business earned $3.14 EPS.

In related news, insider John F. Burkart sold 13,807 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $312.62, for a total value of $4,316,344.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.60% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. FMR LLC increased its stake in Essex Property Trust by 22.4% in 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 during the period. Pictet Asset Management Ltd. increased its position in Essex Property Trust by 17.6% during the 1st quarter. Pictet Asset Management Ltd. now owns 46,111 shares of the real estate investment trust’s stock valued at $13,337,000 after purchasing an additional 6,890 shares during the period. California Public Employees Retirement System increased its position in Essex Property Trust by 25.2% during the 1st quarter. California Public Employees Retirement System now owns 399,601 shares of the real estate investment trust’s stock valued at $115,581,000 after purchasing an additional 80,501 shares during the period. CIBC Asset Management Inc increased its position in Essex Property Trust by 2.5% during the 1st quarter. CIBC Asset Management Inc now owns 7,049 shares of the real estate investment trust’s stock valued at $2,039,000 after purchasing an additional 174 shares during the period. Finally, Brinker Capital Inc. increased its position in Essex Property Trust by 11.9% during the 1st quarter. Brinker Capital Inc. now owns 1,809 shares of the real estate investment trust’s stock valued at $525,000 after purchasing an additional 193 shares during the period. 97.65% of the stock is currently owned by institutional investors.

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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