Q3 2024 Earnings Estimate for Essex Property Trust, Inc. (NYSE:ESS) Issued By Wedbush

Essex Property Trust, Inc. (NYSE:ESS) – Equities researchers at Wedbush raised their Q3 2024 earnings per share estimates for Essex Property Trust in a research note issued on Monday, August 5th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings per share of $3.88 for the quarter, up from their previous estimate of $3.85. Wedbush currently has a “Neutral” rating and a $301.00 price target on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.53 per share. Wedbush also issued estimates for Essex Property Trust’s Q4 2024 earnings at $3.90 EPS and FY2025 earnings at $16.44 EPS.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share for the quarter, missing the consensus estimate of $3.85 by ($2.40). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The firm had revenue of $442.36 million for the quarter, compared to analyst estimates of $433.26 million. During the same period in the previous year, the firm posted $3.77 EPS.

Several other research analysts have also weighed in on ESS. Evercore ISI increased their price objective on Essex Property Trust from $254.00 to $260.00 and gave the stock an “in-line” rating in a research report on Tuesday, July 9th. Piper Sandler reissued an “overweight” rating and set a $315.00 price objective on shares of Essex Property Trust in a research report on Friday, June 28th. Morgan Stanley upped their target price on shares of Essex Property Trust from $230.00 to $250.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 14th. Royal Bank of Canada increased their target price on shares of Essex Property Trust from $284.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Finally, StockNews.com upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Two equities 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’s stock. Based on data from MarketBeat, Essex Property Trust currently has an average rating of “Hold” and a consensus price target of $266.75.

Essex Property Trust Stock Performance

Essex Property Trust stock opened at $277.43 on Tuesday. The firm has a 50 day simple moving average of $275.72 and a 200-day simple moving average of $254.00. The stock has a market cap of $17.81 billion, a price-to-earnings ratio of 34.11, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.62 and a quick ratio of 3.19. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $292.37.

Essex Property Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th were given 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 dividend yield of 3.53%. Essex Property Trust’s dividend payout ratio (DPR) is presently 119.80%.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. EP Wealth Advisors LLC grew its position in Essex Property Trust by 3.7% in the 1st quarter. EP Wealth Advisors LLC now owns 1,228 shares of the real estate investment trust’s stock valued at $301,000 after buying an additional 44 shares during the last quarter. Cornercap Investment Counsel Inc. increased its stake in shares of Essex Property Trust by 2.4% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 1,913 shares of the real estate investment trust’s stock worth $474,000 after acquiring an additional 45 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in Essex Property Trust by 1.8% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 2,552 shares of the real estate investment trust’s stock worth $633,000 after purchasing an additional 45 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in Essex Property Trust by 2.8% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,866 shares of the real estate investment trust’s stock valued at $463,000 after purchasing an additional 51 shares during the period. Finally, M&R Capital Management Inc. boosted its holdings in Essex Property Trust by 5.4% in the 2nd quarter. M&R Capital Management Inc. now owns 1,014 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 52 shares in the last quarter. Institutional investors and hedge funds own 96.51% of the company’s stock.

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.