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

Essex Property Trust (NYSE:ESS) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 3.820-3.940 for the period, compared to the consensus EPS 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 0.4 %

NYSE ESS traded down $1.24 during trading hours on Tuesday, hitting $298.43. 337,569 shares of the company were exchanged, compared to its average volume of 377,652. The company has a 50 day moving average of $298.05 and a two-hundred day moving average of $278.45. Essex Property Trust has a 52-week low of $204.64 and a 52-week high of $317.73. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.11. The firm has a market cap of $19.16 billion, a price-to-earnings ratio of 36.93, a PEG ratio of 5.31 and a beta of 0.88.

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 for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The company had revenue of $442.36 million during the quarter, compared to analysts’ expectations of $433.26 million. During the same period last year, the firm earned $3.77 earnings per share. Equities research analysts anticipate that Essex Property Trust will post 15.55 earnings per share for the current year.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $2.45 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.28%. Essex Property Trust’s dividend payout ratio (DPR) is presently 121.29%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ESS. JPMorgan Chase & Co. increased their price objective on Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a report on Monday, September 16th. UBS Group raised their price objective on shares of Essex Property Trust from $261.00 to $283.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Essex Property Trust from $240.00 to $308.00 and gave the company a “hold” rating in a report on Tuesday, September 10th. Bank of America lowered Essex Property Trust from a “buy” rating to a “neutral” rating and raised their price target for the stock from $307.00 to $321.00 in a report on Tuesday, September 24th. Finally, Evercore ISI upped their price objective on Essex Property Trust from $283.00 to $287.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Essex Property Trust currently has an average rating of “Hold” and an average price target of $293.40.

Insider Activity

In related news, CAO Anne Morrison sold 2,571 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $314.79, for a total value of $809,325.09. Following the sale, the chief accounting officer now owns 2,321 shares in the company, valued at $730,627.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Angela L. Kleiman sold 8,080 shares of Essex Property Trust 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 completion of 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. Also, CAO Anne Morrison sold 2,571 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $314.79, for a total value of $809,325.09. Following the completion of the sale, the chief accounting officer now directly owns 2,321 shares in the company, valued at approximately $730,627.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,402 shares of company stock worth $6,399,663. Company insiders own 3.90% 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.