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 Price Performance

Shares of Essex Property Trust stock traded down $1.24 during mid-day trading on Tuesday, reaching $298.43. 337,569 shares of the stock were exchanged, compared to its average volume of 377,652. The company has a market cap of $19.16 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 5.31 and a beta of 0.88. Essex Property Trust has a fifty-two week low of $204.64 and a fifty-two week high of $317.73. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.11. The firm has a 50-day simple moving average of $298.27 and a 200 day simple moving average of $278.87.

Essex Property Trust (NYSE:ESS) last posted its 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). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The firm had revenue of $442.36 million during the quarter, compared to the consensus estimate of $433.26 million. During the same quarter last year, the firm posted $3.77 EPS. On average, sell-side analysts predict that Essex Property Trust will post 15.55 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Monday, September 30th. Essex Property Trust’s dividend payout ratio is currently 121.29%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Royal Bank of Canada lifted their price target on Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Bank of America lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and upped their target price for the stock from $307.00 to $321.00 in a research report on Tuesday, September 24th. BNP Paribas began coverage on shares of Essex Property Trust in a report on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 price target for the company. Evercore ISI increased their price objective on Essex Property Trust from $283.00 to $287.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company boosted their target price on Essex Property Trust from $269.00 to $314.00 and gave the stock an “equal weight” rating in a research report on Monday, August 26th. 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $293.40.

Insider Activity at Essex Property Trust

In other Essex Property Trust news, CAO Anne Morrison sold 2,571 shares of the stock in a transaction 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 sale, the chief accounting officer now directly owns 2,321 shares in the company, valued at approximately $730,627.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Essex Property Trust news, CAO Anne Morrison sold 2,571 shares of the stock in a transaction dated Monday, September 16th. The stock was 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 $730,627.59. This 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 available through the SEC website. Also, Director Amal M. Johnson sold 7,298 shares of Essex Property Trust 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 $817,661.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,402 shares of company stock worth $6,399,663. 3.90% of the stock is currently owned by company insiders.

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.