Essex Property Trust (NYSE:ESS) Issues Q4 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.82-$3.94 for the period, compared to the consensus earnings per share estimate of $3.91. Essex Property Trust also updated its FY 2024 guidance to 15.500-15.620 EPS.

Wall Street Analyst Weigh In

Several brokerages have commented on ESS. Wedbush boosted their price target on shares of Essex Property Trust from $264.00 to $301.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Essex Property Trust from $240.00 to $308.00 and gave the company a “hold” rating in a research report on Tuesday, September 10th. Scotiabank upped their target price on shares of Essex Property Trust from $309.00 to $329.00 and gave the company a “sector outperform” rating in a report on Monday, September 16th. Stifel Nicolaus lifted their price target on Essex Property Trust from $267.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, BNP Paribas assumed coverage on Essex Property Trust in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 price objective on the stock. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Essex Property Trust has an average rating of “Hold” and an average price target of $293.40.

Essex Property Trust Price Performance

ESS traded down $4.16 during trading on Wednesday, hitting $294.27. 304,310 shares of the stock traded hands, compared to its average volume of 377,202. The business has a 50 day moving average price of $298.27 and a 200 day moving average price of $278.87. The company has a market cap of $18.90 billion, a price-to-earnings ratio of 36.44, a PEG ratio of 5.31 and a beta of 0.88. Essex Property Trust has a twelve month low of $204.64 and a twelve month high of $317.73. 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 (NYSE:ESS) last announced 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 return on equity of 9.14% and a net margin of 30.31%. The business had revenue of $442.36 million for the quarter, compared to the consensus estimate of $433.26 million. During the same quarter in the prior year, the company earned $3.77 earnings per share. Equities research analysts forecast 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 announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $2.45 dividend. The ex-dividend date was Monday, September 30th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.33%. Essex Property Trust’s dividend payout ratio (DPR) is currently 121.29%.

Insider Activity at Essex Property Trust

In related news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 2,585 shares of the company’s stock, valued at $775,500. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Amal M. Johnson sold 2,453 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the sale, the director now directly owns 2,585 shares in the company, valued at approximately $775,500. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Amal M. Johnson sold 7,298 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 2,585 shares of the company’s stock, valued at approximately $817,661.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,402 shares of company stock valued at $6,399,663. 3.90% of the stock is owned by insiders.

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.