Q3 2024 EPS Estimates for Essex Property Trust, Inc. (NYSE:ESS) Raised by Analyst

Essex Property Trust, Inc. (NYSE:ESS) – Investment analysts at Zacks Research lifted their Q3 2024 earnings per share estimates for Essex Property Trust in a research report issued to clients and investors on Monday, April 15th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will post earnings of $3.74 per share for the quarter, up from their previous forecast of $3.73. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.12 per share. Zacks Research also issued estimates for Essex Property Trust’s Q4 2024 earnings at $3.76 EPS, FY2024 earnings at $14.98 EPS, Q1 2025 earnings at $3.76 EPS, Q2 2025 earnings at $3.79 EPS, Q3 2025 earnings at $3.88 EPS, Q4 2025 earnings at $3.95 EPS and FY2025 earnings at $15.38 EPS.

Other analysts have also issued reports about the company. Raymond James upgraded 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. Truist Financial lowered their target price on 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 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. StockNews.com lowered Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Saturday, April 13th. Finally, Barclays boosted their price objective on 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 research 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 MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $245.37.

Essex Property Trust Stock Performance

Shares of ESS opened at $233.97 on Wednesday. The firm has a market cap of $15.02 billion, a PE ratio of 37.08, a PEG ratio of 3.44 and a beta of 0.80. The stock’s fifty day moving average price is $237.29 and its two-hundred day moving average price is $230.51. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. Essex Property Trust has a 1 year low of $203.85 and a 1 year high of $252.85.

Essex Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a $2.45 dividend. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend was Wednesday, March 27th. Essex Property Trust’s dividend payout ratio is presently 155.31%.

Hedge Funds Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Essex Property Trust by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock worth $3,667,195,000 after purchasing an additional 184,047 shares in the last quarter. State Street Corp lifted its stake in shares of Essex Property Trust by 15.0% in the 1st quarter. State Street Corp now owns 6,712,755 shares of the real estate investment trust’s stock valued at $1,419,056,000 after acquiring an additional 874,625 shares during the last quarter. Cohen & Steers Inc. lifted its stake in shares of Essex Property Trust by 31.2% in the 4th quarter. Cohen & Steers Inc. now owns 3,072,004 shares of the real estate investment trust’s stock valued at $761,760,000 after acquiring an additional 730,141 shares during the last quarter. Norges Bank bought a new stake in shares of Essex Property Trust in the 4th quarter valued at about $675,183,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Essex Property Trust by 10.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,685,715 shares of the real estate investment trust’s stock valued at $417,959,000 after acquiring an additional 162,809 shares during the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

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.