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

Essex Property Trust (NYSE:ESSGet Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $15.03 for the period, compared to the consensus estimate of $15.27. Essex Property Trust also updated its FY 2024 guidance to 14.760-15.300 EPS.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ESS. BMO Capital Markets upgraded shares of Essex Property Trust from an underperform rating to a market perform rating and lowered their price objective for the company from $235.00 to $225.00 in a research report on Thursday, November 9th. Jefferies Financial Group upgraded shares of Essex Property Trust from a hold rating to a buy rating and increased their price objective for the company from $215.00 to $281.00 in a research report on Tuesday, January 2nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Essex Property Trust in a research report on Tuesday, January 30th. They set a hold rating and a $240.00 price objective on the stock. Royal Bank of Canada lowered their price objective 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, Mizuho upped their target price on shares of Essex Property Trust from $232.00 to $256.00 and gave the company a neutral rating in a report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Essex Property Trust has an average rating of Hold and an average target price of $244.29.

Check Out Our Latest Stock Report on Essex Property Trust

Essex Property Trust Price Performance

ESS traded up $2.63 during trading on Tuesday, hitting $232.97. 421,804 shares of the company traded hands, compared to its average volume of 428,127. Essex Property Trust has a 1 year low of $195.03 and a 1 year high of $252.85. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 1.09. The stock’s 50-day simple moving average is $238.15 and its two-hundred day simple moving average is $229.10. The company has a market cap of $14.95 billion, a PE ratio of 28.26, a P/E/G ratio of 2.71 and a beta of 0.80.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Shareholders of record on Tuesday, January 2nd were given a dividend of $2.31 per share. The ex-dividend date was Friday, December 29th. This represents a $9.24 annualized dividend and a yield of 3.97%. Essex Property Trust’s dividend payout ratio (DPR) is currently 113.37%.

Hedge Funds Weigh In On Essex Property Trust

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Essex Property Trust by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock worth $3,667,195,000 after buying an additional 184,047 shares during the last quarter. State Street Corp boosted its stake in Essex Property Trust by 15.0% in the 1st quarter. State Street Corp now owns 6,712,755 shares of the real estate investment trust’s stock worth $1,419,056,000 after purchasing an additional 874,625 shares in the last quarter. Norges Bank acquired a new stake in Essex Property Trust during the 4th quarter valued at approximately $476,588,000. Geode Capital Management LLC lifted its stake in Essex Property Trust by 2.0% during the 1st quarter. Geode Capital Management LLC now owns 1,473,346 shares of the real estate investment trust’s stock valued at $307,504,000 after acquiring an additional 29,395 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Essex Property Trust by 6.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,137,193 shares of the real estate investment trust’s stock valued at $237,835,000 after acquiring an additional 68,857 shares during the period. Institutional investors 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.

See Also

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

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