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

Essex Property Trust (NYSE:ESS) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 15.500-15.620 for the period, compared to the consensus EPS estimate of 15.560. The company issued revenue guidance of -. Essex Property Trust also updated its Q4 guidance to $3.82-$3.94 EPS.

Essex Property Trust Price Performance

Shares of ESS traded down $5.86 during trading hours on Friday, reaching $278.00. The company had a trading volume of 251,853 shares, compared to its average volume of 378,518. The firm has a 50 day simple moving average of $298.24 and a 200-day simple moving average of $279.01. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $17.85 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 5.32 and a beta of 0.88. Essex Property Trust has a 12-month low of $204.64 and a 12-month high of $317.73.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). The company had revenue of $450.70 million during the quarter, compared to analysts’ expectations 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 prior year, the business earned $3.78 EPS. Research analysts expect that Essex Property Trust will post 15.56 earnings per share for the current year.

Essex Property Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders 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 dividend yield of 3.53%. Essex Property Trust’s dividend payout ratio is currently 114.49%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ESS shares. Wells Fargo & Company raised their target price on shares of 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. Evercore ISI raised their target price on shares of Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Scotiabank raised their target price on shares of Essex Property Trust from $309.00 to $329.00 and gave the stock a “sector outperform” rating in a research report on Monday, September 16th. Raymond James cut shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Finally, 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. One equities 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 company currently has an average rating of “Hold” and an average target price of $293.40.

Insider Activity

In other news, Director Amal M. Johnson sold 2,453 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the transaction, the director now owns 2,585 shares of the company’s stock, valued at approximately $775,500. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust 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 directly owns 2,585 shares in the company, valued at $775,500. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 transaction of $2,308,430.38. Following the sale, the director now owns 2,585 shares in the company, valued at approximately $817,661.35. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,402 shares of company stock valued at $6,399,663. 3.80% 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.