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

Essex Property Trust (NYSE:ESS) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 15.500-15.620 for the period, compared to the consensus estimate of 15.560. The company issued revenue guidance of -. Essex Property Trust also updated its Q4 guidance to $3.82-$3.94 EPS.

Essex Property Trust Stock Performance

ESS stock traded down $4.41 on Wednesday, reaching $294.02. The company’s stock had a trading volume of 470,711 shares, compared to its average volume of 378,095. Essex Property Trust has a 52 week low of $204.64 and a 52 week high of $317.73. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.62 and a quick ratio of 1.62. The company has a market capitalization of $18.88 billion, a P/E ratio of 36.39, a price-to-earnings-growth ratio of 5.31 and a beta of 0.88. The firm has a fifty day moving average of $298.37 and a two-hundred day moving average of $278.98.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). The business had revenue of $442.36 million for the quarter, compared to analyst estimates of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same quarter last year, the firm posted $3.77 EPS. As a group, analysts predict that Essex Property Trust will post 15.55 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $2.45 dividend. This represents a $9.80 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust’s payout ratio is currently 121.29%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Truist Financial raised their price objective on shares of Essex Property Trust from $282.00 to $294.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Bank of America cut Essex Property Trust from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $307.00 to $321.00 in a report on Tuesday, September 24th. BNP Paribas started coverage on Essex Property Trust in a research note on Wednesday, September 11th. They set an “outperform” rating and a $333.00 price target for the company. Finally, Stifel Nicolaus lifted their price target on Essex Property Trust from $267.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Essex Property Trust presently has an average rating of “Hold” and an average price target of $293.40.

Insiders Place Their Bets

In related news, CEO Angela L. Kleiman sold 8,080 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $315.10, for a total value of $2,546,008.00. Following the completion of the sale, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,991,559.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Angela L. Kleiman sold 8,080 shares of Essex Property Trust 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 transaction, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,991,559.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $735,900.00. Following the transaction, the director now directly owns 2,585 shares in the company, valued at $775,500. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,402 shares of company stock worth $6,399,663. Company insiders own 3.90% 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.