Essex Property Trust (NYSE:ESS) Issues Q2 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 3.770-3.890 for the period, compared to the consensus EPS estimate of 3.810. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2024 guidance to 15.030-15.430 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ESS. Piper Sandler restated an overweight rating and set a $291.00 price target on shares of Essex Property Trust in a research note on Tuesday, March 26th. Truist Financial dropped their price target on shares of Essex Property Trust from $259.00 to $255.00 and set a hold rating on the stock in a research note on Tuesday, April 9th. Royal Bank of Canada increased their price target on shares of Essex Property Trust from $237.00 to $239.00 and gave the stock an outperform rating in a research note on Thursday, February 8th. Raymond James upgraded shares of Essex Property Trust from a market perform rating to an outperform rating and set a $265.00 target price on the stock in a research note on Monday, March 18th. Finally, Barclays raised their target price on shares of Essex Property Trust from $224.00 to $225.00 and gave the company an underweight rating in a research note on Tuesday, February 20th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $246.16.

Essex Property Trust Price Performance

Shares of Essex Property Trust stock traded down $1.77 during trading on Tuesday, hitting $246.25. 595,044 shares of the company’s stock traded hands, compared to its average volume of 400,699. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. The firm’s fifty day moving average price is $239.32 and its 200 day moving average price is $232.35. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $252.85. The company has a market cap of $15.81 billion, a PE ratio of 39.03, a PEG ratio of 3.65 and a beta of 0.80.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a dividend of $2.45 per share. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend was Wednesday, March 27th. Essex Property Trust’s payout ratio is 155.31%.

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.