Essex Property Trust (NYSE:ESS) Updates Q2 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 3.770-3.890 for the period, compared to the consensus estimate of 3.810. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2024 guidance to 15.030-15.430 EPS.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of Essex Property Trust from a hold rating to a buy rating and boosted their target price for the company from $215.00 to $281.00 in a research report on Tuesday, January 2nd. Bank of America upgraded Essex Property Trust from a neutral rating to a buy rating and upped their target price for the stock from $250.00 to $275.00 in a research note on Monday, April 1st. Stifel Nicolaus dropped their target price on Essex Property Trust from $225.00 to $223.00 and set a hold rating on the stock in a report on Wednesday, February 7th. Mizuho raised Essex Property Trust from a neutral rating to a buy rating and decreased their price target for the company from $255.00 to $250.00 in a report on Wednesday, February 28th. Finally, Truist Financial lowered their price target on shares of Essex Property Trust from $259.00 to $255.00 and set a hold rating on the stock in a report on Tuesday, April 9th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $246.16.

Essex Property Trust Price Performance

ESS traded down $1.77 on Tuesday, hitting $246.25. 595,044 shares of the company’s stock were exchanged, compared to its average volume of 400,699. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $252.85. The stock has a market cap of $15.81 billion, a price-to-earnings ratio of 39.31, a P/E/G ratio of 3.65 and a beta of 0.80. The firm has a 50-day moving average price of $239.06 and a 200-day moving average price of $232.16. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.11.

Essex Property Trust Increases Dividend

The firm also recently declared 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 is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 dividend on an annualized basis and a yield of 3.98%. Essex Property Trust’s payout ratio is presently 155.31%.

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.