Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.
Trade-Ideas LLC identified
) as a new lifetime high candidate. In addition to specific proprietary factors, Trade-Ideas identified Essex Property as such a stock due to the following factors:
- ESS has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $91.9 million.
- ESS has traded 3,110 shares today.
- ESS is trading at a new lifetime high.
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More details on ESS:
Essex Property Trust, Inc. operates as a self-administered and self-managed real estate investment trust in the United States. It engages in the ownership, operation, management, acquisition, development, and redevelopment of apartment communities, as well as commercial properties. The stock currently has a dividend yield of 2.3%. ESS has a PE ratio of 125.7. Currently there are 5 analysts that rate Essex Property a buy, 1 analyst rates it a sell, and 7 rate it a hold.
The average volume for Essex Property has been 353,200 shares per day over the past 30 days. Essex Property has a market cap of $14.6 billion and is part of the financial sector and real estate industry. The stock has a beta of 0.56 and a short float of 2.2% with 2.87 days to cover. Shares are up 10.3% year-to-date as of the close of trading on Friday.
rates Essex Property as a
. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income.
Highlights from the ratings report include:
- The revenue growth came in higher than the industry average of 13.5%. Since the same quarter one year prior, revenues rose by 41.2%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
- Net operating cash flow has significantly increased by 117.28% to $161.87 million when compared to the same quarter last year. In addition, ESSEX PROPERTY TRUST has also vastly surpassed the industry average cash flow growth rate of 5.30%.
- Compared to its closing price of one year ago, ESS's share price has jumped by 47.48%, exceeding the performance of the broader market during that same time frame. Looking ahead, the stock's sharp rise over the last year has already helped drive it to a level which is relatively expensive compared to the rest of its industry. We feel, however, that other strengths this company displays justify these higher price levels.
- ESSEX PROPERTY TRUST's earnings per share declined by 43.7% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. We feel it is likely to report a decline in earnings in the coming year. During the past fiscal year, ESSEX PROPERTY TRUST increased its bottom line by earning $3.23 versus $3.09 in the prior year. For the next year, the market is expecting a contraction of 39.2% in earnings ($1.97 versus $3.23).
- The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Real Estate Investment Trusts (REITs) industry. The net income has decreased by 21.6% when compared to the same quarter one year ago, dropping from $70.16 million to $54.96 million.
- You can view the full Essex Property Ratings Report.