Essex Property Trust (NYSE:ESS) Updates FY 2022 Earnings Guidance

Essex Property Trust (NYSE:ESSGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $14.35-$14.55 for the period. The company issued revenue guidance of -. Essex Property Trust also updated its Q3 2022 guidance to $3.60-$3.70 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Stifel Nicolaus lowered their price target on shares of Essex Property Trust from $390.00 to $352.00 in a report on Thursday, June 9th. Scotiabank lowered their price objective on shares of Essex Property Trust from $340.00 to $333.00 in a research note on Thursday, May 19th. Morgan Stanley lowered their price objective on shares of Essex Property Trust from $313.00 to $270.00 and set an equal weight rating for the company in a research note on Friday, July 15th. Mizuho lowered their price objective on shares of Essex Property Trust from $342.00 to $273.00 and set a buy rating for the company in a research note on Monday, June 27th. Finally, Credit Suisse Group started coverage on shares of Essex Property Trust in a research note on Wednesday, June 22nd. They issued an underperform rating and a $247.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $312.82.

Essex Property Trust Price Performance

Shares of NYSE:ESS opened at $278.75 on Friday. The company’s 50-day moving average is $269.28 and its 200 day moving average is $307.14. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.30 and a current ratio of 1.30. The company has a market capitalization 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. Essex Property Trust has a fifty-two week low of $250.62 and a fifty-two week high of $363.36.

Essex Property Trust Dividend Announcement

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

Hedge Funds Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in ESS. Toroso Investments LLC raised its stake in Essex Property Trust by 56.2% in the 1st quarter. Toroso Investments LLC now owns 1,218 shares of the real estate investment trust’s stock valued at $421,000 after acquiring an additional 438 shares during the period. Golden State Equity Partners bought a new stake in Essex Property Trust in the 1st quarter valued at about $685,000. Walleye Capital LLC raised its stake in Essex Property Trust by 201.4% in the 1st quarter. Walleye Capital LLC now owns 40,240 shares of the real estate investment trust’s stock valued at $13,902,000 after acquiring an additional 26,887 shares during the period. Weiss Multi Strategy Advisers LLC bought a new stake in Essex Property Trust in the 1st quarter valued at about $11,814,000. Finally, Worth Venture Partners LLC bought a new stake in Essex Property Trust in the 1st quarter valued at about $761,000. 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.

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

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