Essex Property Trust (NYSE:ESS) Updates Q4 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 3.820-3.940 for the period, compared to the consensus earnings per share estimate of 3.910. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2024 guidance to 15.500-15.620 EPS.

Essex Property Trust Stock Down 2.1 %

Shares of ESS traded down $5.86 during midday trading on Friday, hitting $278.00. The company had a trading volume of 251,853 shares, compared to its average volume of 378,518. The company’s 50-day simple moving average is $298.24 and its 200-day simple moving average is $279.01. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.62 and a current ratio of 1.62. The firm has a market capitalization of $17.85 billion, a P/E ratio of 32.37, a P/E/G ratio of 5.32 and a beta of 0.88. Essex Property Trust has a 1 year low of $204.64 and a 1 year high of $317.73.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing the consensus estimate of $3.88 by ($2.04). Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. The business had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. During the same period last year, the business posted $3.78 EPS. As a group, sell-side analysts expect that Essex Property Trust will post 15.56 EPS for the current year.

Essex Property Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust’s dividend payout ratio (DPR) is 114.49%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ESS shares. Wedbush boosted their target price on Essex Property Trust from $264.00 to $301.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Stifel Nicolaus boosted their target price 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. Raymond James cut Essex Property Trust from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. The Goldman Sachs Group began coverage on Essex Property Trust in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $318.00 target price for the company. Finally, Truist Financial increased their price target on Essex Property Trust from $282.00 to $294.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Essex Property Trust currently has an average rating of “Hold” and a consensus target price of $293.40.

Insider Buying and Selling

In related news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the sale, the director now directly owns 2,585 shares in the company, valued at approximately $775,500. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the transaction, the director now directly owns 2,585 shares in the company, valued at $775,500. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amal M. Johnson sold 7,298 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total value of $2,308,430.38. Following the transaction, the director now owns 2,585 shares in the company, valued at approximately $817,661.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,402 shares of company stock worth $6,399,663. Corporate insiders own 3.80% of the company’s stock.

About Essex Property Trust

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.