Essex Property Trust, Inc. Forecasted to Earn FY2024 Earnings of $15.56 Per Share (NYSE:ESS)

Essex Property Trust, Inc. (NYSE:ESS) – Research analysts at Wedbush upped their FY2024 earnings estimates for Essex Property Trust in a report issued on Monday, August 5th. Wedbush analyst R. Anderson now expects that the real estate investment trust will post earnings of $15.56 per share for the year, up from their previous forecast of $15.30. Wedbush has a “Neutral” rating and a $301.00 price objective on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.53 per share.

Essex Property Trust (NYSE:ESS) last released 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). The firm had revenue of $442.36 million during the quarter, compared to the consensus estimate of $433.26 million. Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. During the same quarter in the previous year, the firm earned $3.77 earnings per share.

Several other research firms have also commented on ESS. Wells Fargo & Company upped their price objective on Essex Property Trust from $232.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Piper Sandler restated an “overweight” rating and set a $315.00 target price on shares of Essex Property Trust in a report on Friday, June 28th. Scotiabank lifted their price objective on Essex Property Trust from $285.00 to $290.00 and gave the company a “sector outperform” rating in a research note on Wednesday. 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 research report on Wednesday, July 31st. Finally, Evercore ISI lifted their target price on Essex Property Trust from $254.00 to $260.00 and gave the company an “in-line” rating in a research note on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $266.75.

Essex Property Trust Stock Performance

Shares of Essex Property Trust stock opened at $279.18 on Wednesday. Essex Property Trust has a one year low of $203.85 and a one year high of $292.37. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.19 and a current ratio of 1.62. The company has a market capitalization of $17.93 billion, a PE ratio of 34.13, a P/E/G ratio of 3.96 and a beta of 0.86. The company has a 50-day simple moving average of $276.68 and a two-hundred day simple moving average of $254.34.

Hedge Funds Weigh In On Essex Property Trust

Large investors have recently added to or reduced their stakes in the company. Lindbrook Capital LLC grew its holdings in shares of Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 58 shares in the last quarter. Continuum Advisory LLC lifted its stake in Essex Property Trust by 214.3% in the 2nd quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 75 shares during the last quarter. UMB Bank n.a. lifted its stake in Essex Property Trust by 600.0% in the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 96 shares during the last quarter. Family Firm Inc. acquired a new stake in Essex Property Trust during the second quarter worth approximately $31,000. Finally, Venturi Wealth Management LLC lifted its position in Essex Property Trust by 112.3% during the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 73 shares during the last quarter. Institutional investors own 96.51% of the company’s stock.

Insider Transactions at Essex Property Trust

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

Essex Property Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th were paid a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Friday, June 28th. Essex Property Trust’s dividend payout ratio is presently 119.80%.

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.