Essex Property Trust (NYSE:ESS) Updates Q3 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 3.810-3.930 for the period, compared to the consensus earnings per share estimate of 3.840. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2024 guidance to 15.380-15.620 EPS.

Essex Property Trust Stock Down 1.8 %

ESS stock traded down $5.20 during mid-day trading on Tuesday, reaching $280.80. 566,883 shares of the company traded hands, compared to its average volume of 373,001. The stock has a market cap of $18.03 billion, a price-to-earnings ratio of 34.23, a P/E/G ratio of 4.01 and a beta of 0.86. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $292.37. The firm’s 50 day moving average price is $273.30 and its 200 day moving average price is $252.51.

Essex Property Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th were paid a dividend of $2.45 per share. The ex-dividend date was Friday, June 28th. This represents a $9.80 dividend on an annualized basis and a yield of 3.49%. Essex Property Trust’s dividend payout ratio (DPR) is currently 119.80%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ESS shares. JPMorgan Chase & Co. boosted their target price on Essex Property Trust from $244.00 to $265.00 and gave the stock a neutral rating in a research note on Monday, June 17th. Wedbush boosted their target price on shares of Essex Property Trust from $240.00 to $264.00 and gave the company a neutral rating in a report on Monday, May 6th. StockNews.com raised shares of Essex Property Trust from a sell rating to a hold rating in a report on Wednesday, May 1st. UBS Group boosted their target price on shares of Essex Property Trust from $261.00 to $283.00 and gave the company a neutral rating in a report on Thursday, July 18th. Finally, Truist Financial boosted their target price on shares of Essex Property Trust from $255.00 to $282.00 and gave the company a hold rating in a report on Monday, June 24th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Essex Property Trust has an average rating of Hold and a consensus price target of $262.15.

Insider Activity

In other news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the transaction, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,641,895.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Keith R. Guericke sold 10,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the transaction, the director now directly owns 16,118 shares in the company, valued at $4,425,519.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Angela L. Kleiman sold 3,780 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

Essex Property Trust Company Profile

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.