Essex Property Trust (NYSE:ESS) Updates 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.

Wall Street Analysts Forecast Growth

ESS has been the subject of several research analyst reports. Raymond James lowered shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Piper Sandler lifted their price target on shares of Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Wells Fargo & Company upped their price objective on shares of Essex Property Trust from $269.00 to $314.00 and gave the company an “equal weight” rating in a report on Monday, August 26th. The Goldman Sachs Group started coverage on Essex Property Trust in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $318.00 target price for the company. Finally, Evercore ISI boosted their target price on Essex Property Trust from $283.00 to $287.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. One 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $293.40.

Essex Property Trust Stock Performance

Shares of NYSE ESS traded down $1.24 during mid-day trading on Tuesday, reaching $298.43. 337,569 shares of the company’s stock were exchanged, compared to its average volume of 377,652. The firm has a 50-day moving average price of $298.27 and a two-hundred day moving average price of $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. The firm has a market capitalization of $19.16 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 5.31 and a beta of 0.88. Essex Property Trust has a 52 week low of $204.64 and a 52 week high of $317.73.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.45 EPS for the quarter, missing the consensus estimate of $3.85 by ($2.40). The company had revenue of $442.36 million during the quarter, compared to the consensus estimate of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same period in the prior year, the firm posted $3.77 EPS. Analysts predict that Essex Property Trust will post 15.55 EPS for the current year.

Essex Property Trust Dividend Announcement

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

Insider Activity

In related news, CAO Anne Morrison sold 2,571 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $314.79, for a total value of $809,325.09. Following the completion of the transaction, the chief accounting officer now directly owns 2,321 shares of the company’s stock, valued at approximately $730,627.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Amal M. Johnson sold 2,453 shares of the company’s stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Anne Morrison sold 2,571 shares of the firm’s 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 completion of the transaction, the chief accounting officer now directly owns 2,321 shares of the company’s stock, valued at approximately $730,627.59. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,402 shares of company stock valued at $6,399,663 over the last quarter. Company 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.