Essex Property Trust (NYSE:ESS) Releases Q4 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 3.820-3.940 for the period, compared to the consensus earnings per share estimate of 3.910. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2024 guidance to 15.500-15.620 EPS.

Analyst Ratings Changes

Several analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Essex Property Trust in a report on Wednesday, September 4th. They set a “neutral” rating and a $318.00 price target for the company. Bank of America cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating and boosted their price target for the company from $307.00 to $321.00 in a report on Tuesday, September 24th. Evercore ISI increased their price objective on Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Stifel Nicolaus boosted their target price on Essex Property Trust from $267.00 to $268.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Finally, UBS Group raised their price target on Essex Property Trust from $261.00 to $283.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $293.40.

Essex Property Trust Stock Performance

Shares of NYSE ESS traded down $1.24 during trading hours on Tuesday, hitting $298.43. 337,569 shares of the company’s stock were exchanged, compared to its average volume of 377,652. The stock has a market capitalization of $19.16 billion, a price-to-earnings ratio of 36.93, a PEG ratio of 5.31 and a beta of 0.88. The company’s 50-day moving average price is $298.27 and its 200-day moving average price is $278.87. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.62 and a quick ratio of 1.62. Essex Property Trust has a 1-year low of $204.64 and a 1-year high of $317.73.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data 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). The business had revenue of $442.36 million during the quarter, compared to the consensus estimate of $433.26 million. Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. During the same period in the prior year, the company posted $3.77 earnings per share. On average, sell-side analysts expect that Essex Property Trust will post 15.55 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $2.45 per share. The ex-dividend date was Monday, September 30th. This represents a $9.80 annualized dividend and a dividend yield of 3.28%. Essex Property Trust’s payout ratio is 121.29%.

Insider Activity

In related news, CAO Anne Morrison sold 2,571 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $314.79, for a total transaction of $809,325.09. Following the transaction, the chief accounting officer now directly owns 2,321 shares in the company, valued at $730,627.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Essex Property Trust news, CAO Anne Morrison sold 2,571 shares of Essex Property Trust stock in a transaction on Monday, September 16th. The shares were sold at an average price of $314.79, for a total transaction of $809,325.09. Following the sale, the chief accounting officer now owns 2,321 shares in the company, valued at $730,627.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amal M. Johnson sold 7,298 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the completion of the sale, the director now directly owns 2,585 shares in the company, valued at $817,661.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,402 shares of company stock valued at $6,399,663. Insiders own 3.90% 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.