Essex Property Trust (NYSE:ESS) Issues Q4 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $3.82-$3.94 for the period, compared to the consensus earnings per share estimate of $3.91. Essex Property Trust also updated its FY 2024 guidance to 15.500-15.620 EPS.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price target on Essex Property Trust from $269.00 to $314.00 and gave the stock an “equal weight” rating in a research note on Monday, August 26th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Essex Property Trust from $240.00 to $308.00 and gave the company a “hold” rating in a research report on Tuesday, September 10th. Bank of America lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and raised their target price for the company from $307.00 to $321.00 in a research note on Tuesday, September 24th. BNP Paribas began coverage on shares of Essex Property Trust in a report on Wednesday, September 11th. They set an “outperform” rating and a $333.00 price target for the company. Finally, UBS Group raised their price target on Essex Property Trust from $261.00 to $283.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $293.40.

Essex Property Trust Price Performance

NYSE ESS traded down $4.16 during trading on Wednesday, reaching $294.27. 304,310 shares of the company traded hands, compared to its average volume of 377,202. Essex Property Trust has a 1-year low of $204.64 and a 1-year high of $317.73. The company has a market cap of $18.90 billion, a price-to-earnings ratio of 36.44, a P/E/G ratio of 5.31 and a beta of 0.88. The stock’s 50 day moving average price is $298.27 and its two-hundred day moving average price is $278.87. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.62 and a current ratio of 1.62.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 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 analyst estimates of $433.26 million. During the same quarter last year, the firm earned $3.77 earnings per share. As a group, analysts anticipate that Essex Property Trust will post 15.55 EPS for the current year.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders 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 annualized dividend and a yield of 3.33%. Essex Property Trust’s payout ratio is 121.29%.

Insider Transactions at Essex Property Trust

In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $300.00, for a total transaction of $735,900.00. Following the sale, the director now owns 2,585 shares of the company’s stock, valued at $775,500. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust stock in a transaction on Friday, August 30th. The stock was sold at an average price of $300.00, for a total value of $735,900.00. Following the completion of the sale, the director now directly owns 2,585 shares of the company’s stock, valued at approximately $775,500. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Angela L. Kleiman sold 8,080 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $315.10, for a total value 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,402 shares of company stock worth $6,399,663. 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.