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

Essex Property Trust (NYSE:ESS - Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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.

Wall Street Analysts Forecast Growth

ESS has been the topic of several analyst reports. Evercore ISI upped their target price on Essex Property Trust from $283.00 to $287.00 and gave the stock an "in-line" rating in a report on Monday, September 16th. Wells Fargo & Company upped their price objective 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 raised their target price on shares of Essex Property Trust from $240.00 to $308.00 and gave the company a "hold" rating in a research note on Tuesday, September 10th. Truist Financial upped their price target on shares of Essex Property Trust from $282.00 to $294.00 and gave the stock a "hold" rating in a research report on Tuesday, August 27th. Finally, The Goldman Sachs Group started coverage on shares of Essex Property Trust in a research report on Wednesday, September 4th. They issued a "neutral" rating and a $318.00 price objective for the company. 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $293.40.

Essex Property Trust Stock Performance

ESS stock traded down $1.24 during trading hours on Tuesday, hitting $298.43. 337,569 shares of the stock were exchanged, compared to its average volume of 377,652. Essex Property Trust has a 12 month low of $204.64 and a 12 month 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 market capitalization of $19.16 billion, a P/E ratio of 36.93, a P/E/G ratio of 5.31 and a beta of 0.88. The company has a 50-day simple moving average of $298.05 and a two-hundred day simple moving average of $278.45.

Essex Property Trust (NYSE:ESS - Get Free Report) 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). The business had revenue of $442.36 million for the quarter, compared to the consensus estimate of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same period in the prior year, the business posted $3.77 earnings per share. On average, analysts forecast that Essex Property Trust will post 15.55 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $2.45 per share. The ex-dividend date was Monday, September 30th. This represents a $9.80 annualized dividend and a dividend yield of 3.28%. Essex Property Trust's dividend payout ratio is presently 121.29%.

Insider Activity at Essex Property Trust

In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of the firm's stock in a transaction on Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the transaction, the director now owns 2,585 shares in the company, valued at $775,500. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Amal M. Johnson sold 2,453 shares of the company's 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amal M. Johnson sold 7,298 shares of the firm's 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 completion of the transaction, the director now directly 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 ninety days, insiders sold 20,402 shares of company stock worth $6,399,663. Company insiders own 3.90% of the company's stock.

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.

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