Essex Property Trust, Inc. (NYSE:ESS – Free Report) – Research analysts at Wedbush increased their FY2024 EPS estimates for shares of Essex Property Trust in a research note issued on Monday, August 5th. Wedbush analyst R. Anderson now expects that the real estate investment trust will post earnings per share of $15.56 for the year, up from their previous forecast of $15.30. Wedbush currently has a “Neutral” rating and a $301.00 target price on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.53 per share.
Several other equities analysts have also recently weighed in on the company. Royal Bank of Canada raised their price objective on Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. lifted their target price on Essex Property Trust from $244.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. Wells Fargo & Company lifted their target price on Essex Property Trust from $232.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Friday, May 31st. Truist Financial lifted their target price on Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a research note on Monday, June 24th. Finally, StockNews.com upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $266.50.
Get Our Latest Stock Analysis on Essex Property Trust
Essex Property Trust Price Performance
Shares of NYSE:ESS opened at $280.39 on Wednesday. The company has a current ratio of 1.62, a quick ratio of 3.19 and a debt-to-equity ratio of 1.11. The stock’s fifty day simple moving average is $275.72 and its two-hundred day simple moving average is $254.00. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $292.37. The stock has a market cap of $18.00 billion, a PE ratio of 34.28, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86.
Essex Property Trust (NYSE:ESS – Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $442.36 million during the quarter, compared to analyst estimates of $433.26 million. During the same period in the previous year, the business posted $3.77 EPS.
Essex Property Trust Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th were issued a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a dividend yield of 3.50%. The ex-dividend date was Friday, June 28th. Essex Property Trust’s payout ratio is 119.80%.
Insider Transactions at Essex Property Trust
In other news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the sale, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith R. Guericke sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the sale, the director now owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. 3.80% of the stock is owned by insiders.
Institutional Trading of Essex Property Trust
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cohen & Steers Inc. lifted its position in Essex Property Trust by 31.2% in the fourth quarter. Cohen & Steers Inc. now owns 3,072,004 shares of the real estate investment trust’s stock valued at $761,760,000 after purchasing an additional 730,141 shares during the last quarter. Norges Bank bought a new stake in Essex Property Trust in the fourth quarter valued at approximately $675,183,000. Price T Rowe Associates Inc. MD lifted its position in Essex Property Trust by 8.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,832,845 shares of the real estate investment trust’s stock valued at $448,701,000 after purchasing an additional 147,130 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Essex Property Trust by 86.5% in the first quarter. Daiwa Securities Group Inc. now owns 997,792 shares of the real estate investment trust’s stock valued at $244,269,000 after purchasing an additional 462,828 shares during the last quarter. Finally, Boston Partners raised its holdings in shares of Essex Property Trust by 3.3% during the first quarter. Boston Partners now owns 744,175 shares of the real estate investment trust’s stock valued at $182,185,000 after acquiring an additional 23,673 shares in the last quarter. Institutional investors own 96.51% of the company’s stock.
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.
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