Essex Property Trust (NYSE:ESS) Releases FY 2024 Earnings Guidance

Essex Property Trust (NYSE:ESSGet Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 14.760-15.300 for the period, compared to the consensus estimate of 15.300. The company issued revenue guidance of -. Essex Property Trust also updated its FY24 guidance to $15.03 EPS.

Essex Property Trust Stock Performance

Shares of NYSE:ESS traded up $2.63 during trading hours on Tuesday, hitting $232.97. The stock had a trading volume of 421,878 shares, compared to its average volume of 428,139. The stock’s fifty day simple moving average is $238.15 and its 200 day simple moving average is $229.10. Essex Property Trust has a 1-year low of $195.03 and a 1-year high of $252.85. The firm has a market capitalization of $14.95 billion, a price-to-earnings ratio of 28.26, a PEG ratio of 2.71 and a beta of 0.80. The company has a debt-to-equity ratio of 1.09, a quick ratio of 2.63 and a current ratio of 2.63.

Essex Property Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Tuesday, January 2nd were issued a dividend of $2.31 per share. This represents a $9.24 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend was Friday, December 29th. Essex Property Trust’s payout ratio is 113.37%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of Essex Property Trust from $226.00 to $225.00 and set a hold rating on the stock in a report on Friday, November 17th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Essex Property Trust in a research report on Tuesday, January 30th. They set a hold rating and a $240.00 target price on the stock. Evercore ISI decreased their target price on shares of Essex Property Trust from $247.00 to $235.00 in a research report on Monday, October 9th. Royal Bank of Canada decreased their target price on shares of Essex Property Trust from $241.00 to $235.00 and set an outperform rating on the stock in a research report on Monday, October 30th. Finally, BMO Capital Markets upgraded shares of Essex Property Trust from an underperform rating to a market perform rating and decreased their target price for the company from $235.00 to $225.00 in a research report on Thursday, November 9th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $244.29.

Read Our Latest Stock Analysis on ESS

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ESS. Steward Partners Investment Advisory LLC grew its stake in shares of Essex Property Trust by 100.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 120 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 60 shares in the last quarter. Clear Street Markets LLC grew its position in Essex Property Trust by 89.4% during the first quarter. Clear Street Markets LLC now owns 125 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 59 shares during the period. Pacific Center for Financial Services bought a new position in Essex Property Trust during the first quarter valued at about $30,000. Advisory Services Network LLC bought a new position in Essex Property Trust during the first quarter valued at about $32,000. Finally, CENTRAL TRUST Co grew its position in Essex Property Trust by 51.3% during the third quarter. CENTRAL TRUST Co now owns 295 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 92.93% of the company’s stock.

About Essex Property Trust

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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