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

Essex Property Trust (NYSE:ESS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 3.820-3.940 for the period, compared to the consensus 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 Stock Down 3.5 %

Shares of ESS traded down $10.22 during mid-day trading on Thursday, reaching $283.80. 594,187 shares of the stock traded hands, compared to its average volume of 379,119. The firm has a market cap of $18.23 billion, a price-to-earnings ratio of 35.12, a P/E/G ratio of 5.31 and a beta of 0.88. The stock has a fifty day simple moving average of $298.24 and a 200 day simple moving average of $279.01. Essex Property Trust has a 12-month low of $204.64 and a 12-month high of $317.73. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.11.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The firm had revenue of $442.36 million for the quarter, compared to analysts’ expectations of $433.26 million. During the same quarter in the prior year, the business earned $3.77 EPS. Sell-side analysts expect that Essex Property Trust will post 15.55 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust’s payout ratio is currently 121.29%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ESS. Evercore ISI raised their price target on shares of Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. UBS Group lifted their price objective on shares of Essex Property Trust from $261.00 to $283.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Bank of America downgraded shares of Essex Property Trust from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $307.00 to $321.00 in a report on Tuesday, September 24th. Truist Financial lifted their price objective on shares of Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Finally, The Goldman Sachs Group began coverage on shares of Essex Property Trust in a report on Wednesday, September 4th. They issued a “neutral” rating and a $318.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $293.40.

Insider Activity at Essex Property Trust

In related news, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $300.00, for a total transaction of $735,900.00. Following the sale, the director now directly owns 2,585 shares in the company, valued at $775,500. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Essex Property Trust news, CEO Angela L. Kleiman sold 8,080 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $315.10, for a total value of $2,546,008.00. Following the sale, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,991,559.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amal M. Johnson sold 2,453 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the sale, the director now owns 2,585 shares in the company, valued at approximately $775,500. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,402 shares of company stock worth $6,399,663 over the last ninety days. 3.90% of the stock is currently owned by corporate insiders.

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.