Wedbush Expects Increased Earnings for Essex Property Trust

Essex Property Trust, Inc. (NYSE:ESS - Free Report) - Analysts at Wedbush upped their FY2024 earnings per share estimates for Essex Property Trust in a note issued to investors on Wednesday, November 6th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings per share of $15.60 for the year, up from their previous forecast of $15.56. Wedbush currently has a "Neutral" rating and a $301.00 price target on the stock. The consensus estimate for Essex Property Trust's current full-year earnings is $15.56 per share. Wedbush also issued estimates for Essex Property Trust's Q4 2024 earnings at $3.92 EPS.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing the consensus estimate of $3.88 by ($2.04). The firm 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 period in the previous year, the firm earned $3.78 EPS.

Other research analysts have also issued reports about the stock. Wells Fargo & Company upped 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. Piper Sandler raised their price objective on Essex Property Trust from $315.00 to $355.00 and gave the company an "overweight" rating in a research note on Monday, August 26th. Stifel Nicolaus boosted their target price on Essex Property Trust from $267.00 to $268.00 and gave the stock a "hold" rating in a research report on Wednesday, July 31st. Raymond James cut Essex Property Trust from an "outperform" rating to a "market perform" rating in a research report on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Essex Property Trust from $240.00 to $308.00 and gave the stock a "hold" rating in a research report on Tuesday, September 10th. One investment 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. According to MarketBeat.com, Essex Property Trust has a consensus rating of "Hold" and a consensus target price of $293.40.

Essex Property Trust Price Performance

NYSE:ESS traded up $2.78 during trading hours on Thursday, hitting $296.54. The company's stock had a trading volume of 340,359 shares, compared to its average volume of 381,397. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14. Essex Property Trust has a 52-week low of $204.64 and a 52-week high of $317.73. The company has a market capitalization of $19.06 billion, a PE ratio of 34.64, a PEG ratio of 5.07 and a beta of 0.88. The business's 50-day moving average is $297.44 and its two-hundred day moving average is $280.77.

Institutional Trading of Essex Property Trust

A number of hedge funds have recently made changes to their positions in ESS. Pathstone Holdings LLC increased its position in shares of Essex Property Trust by 2.2% during the third quarter. Pathstone Holdings LLC now owns 5,823 shares of the real estate investment trust's stock worth $1,723,000 after acquiring an additional 127 shares during the last quarter. Quest Partners LLC acquired a new stake in Essex Property Trust during the 3rd quarter valued at approximately $210,000. Thrivent Financial for Lutherans increased its holdings in Essex Property Trust by 1.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 34,334 shares of the real estate investment trust's stock worth $10,143,000 after purchasing an additional 607 shares during the last quarter. Empowered Funds LLC raised its position in shares of Essex Property Trust by 36.9% in the 3rd quarter. Empowered Funds LLC now owns 1,157 shares of the real estate investment trust's stock valued at $342,000 after purchasing an additional 312 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Essex Property Trust by 8.3% during the 3rd quarter. CIBC Asset Management Inc now owns 9,396 shares of the real estate investment trust's stock valued at $2,776,000 after buying an additional 724 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.

Insider Activity

In related news, Director Amal M. Johnson sold 2,453 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $300.00, for a total value of $735,900.00. Following the transaction, the director now owns 2,585 shares in the company, valued at approximately $775,500. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Amal M. Johnson sold 2,453 shares of the 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 in the company, valued at approximately $775,500. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Anne Morrison sold 2,571 shares of the business's 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 transaction, the chief accounting officer now owns 2,321 shares in the company, valued at approximately $730,627.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,402 shares of company stock valued at $6,399,663 in the last three months. Corporate insiders own 3.90% of the company's stock.

Essex Property Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $2.45 dividend. The ex-dividend date was Monday, September 30th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.30%. Essex Property Trust's dividend payout ratio (DPR) is 114.49%.

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.