Essex Property Trust (NYSE:ESS) Releases FY24 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $15.38-15.62 for the period, compared to the consensus estimate of $15.41.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Evercore ISI lifted their target price on shares of Essex Property Trust from $254.00 to $260.00 and gave the stock an in-line rating in a research note on Tuesday, July 9th. Truist Financial lifted their price target on Essex Property Trust from $255.00 to $282.00 and gave the company a hold rating in a report on Monday, June 24th. UBS Group increased their price target on shares of Essex Property Trust from $261.00 to $283.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Morgan Stanley boosted their price objective on shares of Essex Property Trust from $230.00 to $250.00 and gave the company an equal weight rating in a research note on Tuesday, May 14th. Finally, Stifel Nicolaus lifted their target price on Essex Property Trust from $243.50 to $267.00 and gave the company a hold rating in a report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $262.15.

Essex Property Trust Stock Down 2.1 %

Shares of Essex Property Trust stock traded down $6.00 during trading hours on Tuesday, hitting $280.00. 416,574 shares of the company’s stock traded hands, compared to its average volume of 371,965. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $292.37. The company has a market cap of $17.98 billion, a PE ratio of 34.93, a PEG ratio of 4.01 and a beta of 0.86. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14. The stock has a 50 day simple moving average of $273.30 and a 200-day simple moving average of $252.51.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th were paid a dividend of $2.45 per share. The ex-dividend date was Friday, June 28th. This represents a $9.80 dividend on an annualized basis and a yield of 3.50%. Essex Property Trust’s dividend payout ratio (DPR) is presently 119.80%.

Insider Buying and Selling at Essex Property Trust

In other news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the completion of the sale, the director now owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Essex Property Trust news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the sale, the chief executive officer now owns 9,494 shares in the company, valued at $2,641,895.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the sale, the director now directly owns 16,118 shares in the company, valued at $4,425,519.26. The disclosure for this sale can be found here. 3.80% of the stock is currently owned by corporate 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.