Equities Analysts Offer Predictions for ESS FY2024 Earnings

Essex Property Trust, Inc. (NYSE:ESS) – Wedbush boosted their FY2024 earnings per share estimates for Essex Property Trust in a research note issued on Wednesday, November 6th. Wedbush analyst R. Anderson now expects that the real estate investment trust will post earnings of $15.60 per share for the year, up from their prior forecast of $15.56. Wedbush currently has a “Neutral” rating and a $301.00 price target on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.56 per share. Wedbush also issued estimates for Essex Property Trust’s Q4 2024 earnings at $3.92 EPS.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $1.84 EPS for the quarter, missing the consensus estimate of $3.88 by ($2.04). The business had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. During the same quarter in the previous year, the firm posted $3.78 earnings per share.

A number of other analysts also recently commented on ESS. Piper Sandler upped their target price on Essex Property Trust from $315.00 to $355.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Scotiabank boosted their target price on shares of Essex Property Trust from $309.00 to $329.00 and gave the company a “sector outperform” rating in a research note on Monday, September 16th. Stifel Nicolaus raised their price target on shares of Essex Property Trust from $267.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st. Truist Financial upped their price objective on shares of Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Finally, Raymond James cut Essex Property Trust from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Essex Property Trust currently has a consensus rating of “Hold” and an average price target of $293.40.

Essex Property Trust Price Performance

NYSE:ESS opened at $304.66 on Thursday. The firm’s fifty day moving average is $297.47 and its two-hundred day moving average is $281.33. The firm has a market cap of $19.58 billion, a price-to-earnings ratio of 35.59, a PEG ratio of 5.07 and a beta of 0.88. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14. Essex Property Trust has a one year low of $204.64 and a one year high of $317.73.

Essex Property Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a dividend of $2.45 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $9.80 annualized dividend and a yield of 3.22%. Essex Property Trust’s dividend payout ratio is presently 114.49%.

Insider Buying and Selling at Essex Property Trust

In other news, CEO Angela L. Kleiman sold 8,080 shares of the business’s stock in a transaction that occurred 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 directly owns 9,494 shares in the company, valued at $2,991,559.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, 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 transaction of $2,308,430.38. Following the completion of the sale, the director now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Angela L. Kleiman sold 8,080 shares of Essex Property Trust stock in a transaction dated 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 directly owns 9,494 shares in the company, valued at $2,991,559.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,402 shares of company stock worth $6,399,663. Insiders own 3.90% of the company’s stock.

Institutional Trading of Essex Property Trust

Hedge funds and other institutional investors have recently made changes to their positions in the company. Continuum Advisory LLC lifted its holdings in Essex Property Trust by 214.3% in the second quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 75 shares during the last quarter. UMB Bank n.a. raised its position in Essex Property Trust by 600.0% in the second 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 period. Assetmark Inc. lifted its stake in shares of Essex Property Trust by 2,400.0% in the 3rd quarter. Assetmark Inc. now owns 100 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. purchased a new position in shares of Essex Property Trust during the 2nd quarter worth $31,000. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Essex Property Trust by 121.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 106 shares during the period. Institutional investors and hedge funds own 96.51% 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.