Essex Property Trust (NYSE:ESS) Releases Q3 2022 Earnings Guidance

Essex Property Trust (NYSE:ESSGet Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $3.60-$3.70 for the period. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2022 guidance to $14.35-$14.55 EPS.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Barclays lowered shares of Essex Property Trust from an equal weight rating to an underweight rating and reduced their target price for the company from $367.00 to $310.00 in a report on Tuesday, May 10th. Jefferies Financial Group cut their price target on shares of Essex Property Trust from $316.00 to $235.00 and set a hold rating on the stock in a report on Thursday, June 30th. Scotiabank cut their price target on shares of Essex Property Trust from $340.00 to $333.00 in a report on Thursday, May 19th. Credit Suisse Group began coverage on shares of Essex Property Trust in a report on Wednesday, June 22nd. They issued an underperform rating and a $247.00 price target on the stock. Finally, Raymond James reissued an upgrade rating and issued a $300.00 price target on shares of Essex Property Trust in a report on Thursday. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $312.82.

Essex Property Trust Trading Up 0.3 %

Shares of NYSE ESS opened at $278.75 on Friday. Essex Property Trust has a 1 year low of $250.62 and a 1 year high of $363.36. The stock has a market cap of $18.15 billion, a P/E ratio of 47.17, a price-to-earnings-growth ratio of 3.19 and a beta of 0.77. The firm has a 50-day moving average of $269.28 and a 200 day moving average of $307.14. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.30 and a quick ratio of 1.30.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were issued a $2.20 dividend. The ex-dividend date was Wednesday, June 29th. This represents a $8.80 annualized dividend and a yield of 3.16%. Essex Property Trust’s dividend payout ratio (DPR) is presently 148.90%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Lazard Asset Management LLC raised its holdings in Essex Property Trust by 25.3% in the first quarter. Lazard Asset Management LLC now owns 243 shares of the real estate investment trust’s stock worth $83,000 after buying an additional 49 shares during the last quarter. Wetherby Asset Management Inc. raised its holdings in Essex Property Trust by 7.6% in the first quarter. Wetherby Asset Management Inc. now owns 635 shares of the real estate investment trust’s stock worth $219,000 after buying an additional 45 shares during the last quarter. Lumature Wealth Partners LLC purchased a new position in Essex Property Trust in the first quarter worth about $240,000. Atria Wealth Solutions Inc. bought a new stake in shares of Essex Property Trust in the first quarter worth approximately $276,000. Finally, Toroso Investments LLC grew its stake in shares of Essex Property Trust by 56.2% in the first quarter. Toroso Investments LLC now owns 1,218 shares of the real estate investment trust’s stock worth $421,000 after acquiring an additional 438 shares during the period. 96.09% of the stock is owned by hedge funds and other institutional investors.

About Essex Property Trust

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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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

See Also

Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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