Essex Property Trust (NYSE:ESS) Issues 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 EPS guidance of 3.820-3.940 for the period, compared to the consensus EPS 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.

Essex Property Trust Stock Performance

Shares of Essex Property Trust stock traded down $5.86 during trading on Friday, reaching $278.00. The company’s stock had a trading volume of 251,853 shares, compared to its average volume of 378,518. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.62 and a current ratio of 1.62. The business’s fifty day moving average price is $298.24 and its 200-day moving average price is $279.01. The firm has a market cap of $17.85 billion, a price-to-earnings ratio of 32.37, a price-to-earnings-growth ratio of 5.32 and a beta of 0.88. Essex Property Trust has a one year low of $204.64 and a one year high of $317.73.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $1.84 EPS for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). The business had revenue of $450.70 million during the quarter, compared to the consensus estimate of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same quarter in the previous year, the firm posted $3.78 earnings per share. As a group, equities research analysts predict that Essex Property Trust will post 15.56 earnings per share for the current year.

Essex Property Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust’s dividend payout ratio (DPR) is presently 114.49%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group assumed coverage on Essex Property Trust in a report on Wednesday, September 4th. They set a “neutral” rating and a $318.00 price objective on the stock. Scotiabank lifted their price objective on 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 objective on Essex Property Trust from $267.00 to $268.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Wedbush lifted their price objective on Essex Property Trust from $264.00 to $301.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Finally, Evercore ISI lifted their price objective on Essex Property Trust from $283.00 to $287.00 and gave the company an “in-line” rating in a report on Monday, September 16th. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $293.40.

Insider Buying and Selling at Essex Property Trust

In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of the company’s 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 sale, the director now owns 2,585 shares in the company, valued at approximately $775,500. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Angela L. Kleiman sold 8,080 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $315.10, for a total transaction of $2,546,008.00. Following the sale, the chief executive officer now owns 9,494 shares of the company’s stock, valued at approximately $2,991,559.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Amal M. Johnson sold 2,453 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $300.00, for a total value of $735,900.00. Following the sale, the director now directly owns 2,585 shares in the company, valued at $775,500. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,402 shares of company stock worth $6,399,663. Insiders own 3.80% of the company’s stock.

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.