Essex Property Trust (NYSE:ESS) Issues Q3 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its third quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 3.810-3.930 for the period, compared to the consensus EPS estimate of 3.840. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2024 guidance to 15.380-15.620 EPS.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Essex Property Trust from $230.00 to $250.00 and gave the company an equal weight rating in a research note on Tuesday, May 14th. Stifel Nicolaus raised their target price on shares of Essex Property Trust from $243.50 to $267.00 and gave the company a hold rating in a research note on Tuesday, July 9th. UBS Group lifted 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. Truist Financial lifted their price objective on shares of Essex Property Trust from $255.00 to $282.00 and gave the stock a hold rating in a research report on Monday, June 24th. Finally, Mizuho lifted their price objective on shares of Essex Property Trust from $250.00 to $266.00 and gave the stock a buy rating in a research report on Thursday, May 30th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $262.15.

Essex Property Trust Price Performance

ESS stock traded down $5.20 during midday trading on Tuesday, reaching $280.80. The company had a trading volume of 576,986 shares, compared to its average volume of 373,001. The company has a market capitalization of $18.03 billion, a price-to-earnings ratio of 34.33, a price-to-earnings-growth ratio of 4.01 and a beta of 0.86. The stock has a 50 day moving average price of $273.64 and a 200-day moving average price of $252.73. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $292.37. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19.

Essex Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Investors of record on Friday, June 28th were paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend was Friday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is presently 119.80%.

Insider Activity at Essex Property Trust

In related news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Keith R. Guericke sold 10,000 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the transaction, the director now owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the transaction, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. 3.80% of the stock is owned by insiders.

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.