Essex Property Trust (NYSE:ESS) Issues Q4 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 3.820-3.940 for the period, compared to the consensus EPS estimate of 3.910. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2024 guidance to 15.500-15.620 EPS.

Essex Property Trust Price Performance

Shares of NYSE:ESS traded down $4.41 on Wednesday, reaching $294.02. 470,711 shares of the company were exchanged, compared to its average volume of 378,095. The company has a 50-day moving average of $298.37 and a 200-day moving average of $278.98. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.11. The firm has a market cap of $18.88 billion, a price-to-earnings ratio of 36.39, a price-to-earnings-growth ratio of 5.31 and a beta of 0.88. Essex Property Trust has a 1-year low of $204.64 and a 1-year high of $317.73.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share for the quarter, missing the consensus estimate of $3.85 by ($2.40). Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. The company had revenue of $442.36 million for the quarter, compared to analyst estimates of $433.26 million. During the same quarter in the previous year, the company posted $3.77 earnings per share. Equities analysts forecast that Essex Property Trust will post 15.55 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust’s dividend payout ratio (DPR) is 121.29%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ESS shares. Stifel Nicolaus lifted their price objective on Essex Property Trust from $267.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. BNP Paribas assumed coverage on shares of Essex Property Trust in a research report on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 price objective on the stock. Truist Financial raised their target price on shares of Essex Property Trust from $282.00 to $294.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Raymond James cut shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada increased their price target on shares of Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $293.40.

Insider Buying and Selling

In related news, Director Amal M. Johnson sold 7,298 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total value of $2,308,430.38. Following the sale, the director now directly owns 2,585 shares of the company’s stock, valued at approximately $817,661.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Essex Property Trust news, Director Amal M. Johnson sold 7,298 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the completion of the sale, the director now directly owns 2,585 shares in the company, valued at $817,661.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Anne Morrison sold 2,571 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $314.79, for a total value of $809,325.09. Following the completion of the transaction, the chief accounting officer now owns 2,321 shares in the company, valued at approximately $730,627.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,402 shares of company stock worth $6,399,663. 3.90% of the stock is owned by company insiders.

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.