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

Essex Property Trust (NYSE:ESS) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 15.500-15.620 for the period, compared to the consensus EPS estimate of 15.560. The company issued revenue guidance of -. Essex Property Trust also updated its Q4 guidance to $3.82-$3.94 EPS.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ESS shares. Piper Sandler lifted their price objective on Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. Stifel Nicolaus lifted their price target on Essex Property Trust from $267.00 to $268.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Raymond James cut Essex Property Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Wedbush raised their price objective on shares of Essex Property Trust from $264.00 to $301.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company lifted their target price on shares of Essex Property Trust from $269.00 to $314.00 and gave the company an “equal weight” rating in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $293.40.

Essex Property Trust Stock Performance

NYSE:ESS traded down $4.41 during mid-day trading on Wednesday, hitting $294.02. 470,711 shares of the company’s stock traded hands, compared to its average volume of 378,095. The firm has a market capitalization of $18.88 billion, a price-to-earnings ratio of 36.39, a price-to-earnings-growth ratio of 5.31 and a beta of 0.88. The firm has a 50 day moving average of $298.37 and a two-hundred day moving average of $278.98. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.11. Essex Property Trust has a 12 month low of $204.64 and a 12 month 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). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The business had revenue of $442.36 million during the quarter, compared to the consensus estimate of $433.26 million. During the same period in the prior year, the company posted $3.77 earnings per share. On average, equities analysts forecast that Essex Property Trust will post 15.55 earnings per share for the current fiscal year.

Essex Property Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust’s dividend payout ratio (DPR) is presently 121.29%.

Insider Transactions at Essex Property Trust

In related news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $300.00, for a total value of $735,900.00. Following the completion of the sale, the director now owns 2,585 shares in the company, valued at approximately $775,500. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Essex Property Trust news, Director Amal M. Johnson sold 7,298 shares of Essex Property Trust 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 sale, the director now owns 2,585 shares in the company, valued at $817,661.35. 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 2,453 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the transaction, the director now owns 2,585 shares of the company’s stock, valued at approximately $775,500. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,402 shares of company stock worth $6,399,663. 3.90% of the stock is currently owned by company insiders.

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.