Essex Property Trust (NYSE:ESS) Releases FY24 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $15.03-$15.43 for the period, compared to the consensus earnings per share estimate of $15.17. Essex Property Trust also updated its FY 2024 guidance to 15.030-15.430 EPS.

Essex Property Trust Price Performance

Shares of NYSE ESS traded down $1.77 during midday trading on Tuesday, reaching $246.25. The stock had a trading volume of 595,044 shares, compared to its average volume of 400,699. The company has a market capitalization of $15.81 billion, a price-to-earnings ratio of 39.03, a price-to-earnings-growth ratio of 3.65 and a beta of 0.80. Essex Property Trust has a 12-month low of $203.85 and a 12-month high of $252.85. The stock has a 50-day moving average of $239.32 and a 200-day moving average of $232.35. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a dividend of $2.45 per share. The ex-dividend date was Wednesday, March 27th. This represents a $9.80 annualized dividend and a dividend yield of 3.98%. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio (DPR) is currently 155.31%.

Wall Street Analysts Forecast Growth

ESS has been the subject of a number of research analyst reports. Truist Financial cut their price objective on shares of Essex Property Trust from $259.00 to $255.00 and set a hold rating for the company in a report on Tuesday, April 9th. Stifel Nicolaus decreased their target price on Essex Property Trust from $225.00 to $223.00 and set a hold rating on the stock in a research report on Wednesday, February 7th. Morgan Stanley raised their price target on Essex Property Trust from $227.00 to $230.00 and gave the company an equal weight rating in a report on Monday, February 26th. Mizuho raised Essex Property Trust from a neutral rating to a buy rating and reduced their price objective for the stock from $255.00 to $250.00 in a research note on Wednesday, February 28th. Finally, StockNews.com downgraded Essex Property Trust from a hold rating to a sell rating in a research report on Saturday, April 13th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Essex Property Trust currently has an average rating of Hold and an average price target of $246.16.

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.