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

Essex Property Trust (NYSE:ESS) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 15.030-15.430 for the period, compared to the consensus estimate of 15.150. The company issued revenue guidance of -. Essex Property Trust also updated its FY24 guidance to $15.03-$15.43 EPS.

Essex Property Trust Trading Down 0.7 %

Shares of ESS traded down $1.77 on Tuesday, hitting $246.25. 595,044 shares of the stock traded hands, compared to its average volume of 400,699. Essex Property Trust has a 1 year low of $203.85 and a 1 year high of $252.85. The stock’s 50 day moving average is $239.06 and its two-hundred day moving average is $232.16. The firm has a market capitalization of $15.81 billion, a P/E ratio of 39.31, a P/E/G ratio of 3.65 and a beta of 0.80. The company has a quick ratio of 3.26, a current ratio of 3.26 and a debt-to-equity ratio of 1.11.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a $2.45 dividend. 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 yield of 3.98%. The ex-dividend date of this dividend was Wednesday, March 27th. Essex Property Trust’s dividend payout ratio is presently 155.31%.

Analyst Ratings Changes

Several analysts have commented on the company. Mizuho upgraded Essex Property Trust from a neutral rating to a buy rating and lowered their price target for the company from $255.00 to $250.00 in a report on Wednesday, February 28th. Piper Sandler reaffirmed an overweight rating and set a $291.00 price target on shares of Essex Property Trust in a research report on Tuesday, March 26th. Truist Financial cut 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. Morgan Stanley boosted their price objective on shares of Essex Property Trust from $227.00 to $230.00 and gave the company an equal weight rating in a research note on Monday, February 26th. Finally, Bank of America raised Essex Property Trust from a neutral rating to a buy rating and increased their target price for the stock from $250.00 to $275.00 in a research report on Monday, April 1st. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust currently has an average rating of Hold and a consensus target price of $246.16.

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.