Essex Property Trust, Inc. (NYSE:ESS) Expected to Post Q2 2024 Earnings of $3.82 Per Share

Essex Property Trust, Inc. (NYSE:ESS) – Equities researchers at Wedbush increased their Q2 2024 earnings estimates for shares of Essex Property Trust in a research report issued on Monday, May 6th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings of $3.82 per share for the quarter, up from their previous estimate of $3.72. Wedbush currently has a “Neutral” rating and a $264.00 price target on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.21 per share. Wedbush also issued estimates for Essex Property Trust’s Q3 2024 earnings at $3.85 EPS, Q4 2024 earnings at $3.79 EPS and FY2025 earnings at $15.57 EPS.

ESS has been the topic of a number of other reports. Royal Bank of Canada raised their price objective on Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a research note on Thursday, February 8th. Stifel Nicolaus raised their target price on shares of Essex Property Trust from $239.50 to $243.50 and gave the company a “hold” rating in a research note on Wednesday, May 1st. Bank of America raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $250.00 to $275.00 in a research report on Monday, April 1st. StockNews.com raised Essex Property Trust from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group reiterated a “sell” rating and set a $227.00 price target on shares of Essex Property Trust in a report on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust has an average rating of “Hold” and an average target price of $249.76.

Essex Property Trust Price Performance

Shares of NYSE:ESS opened at $257.67 on Tuesday. The stock has a market capitalization of $16.54 billion, a P/E ratio of 31.50, a P/E/G ratio of 3.67 and a beta of 0.79. The business has a 50-day moving average of $241.53 and a two-hundred day moving average of $233.61. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $258.06. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a dividend yield of 3.80%. The ex-dividend date was Wednesday, March 27th. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio is presently 119.80%.

Hedge Funds Weigh In On Essex Property Trust

Several large investors have recently made changes to their positions in ESS. Cohen & Steers Inc. boosted its holdings in shares of 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 buying an additional 730,141 shares during the period. Norges Bank acquired a new position in shares of Essex Property Trust during the 4th quarter worth about $675,183,000. Daiwa Securities Group Inc. raised its holdings in shares of Essex Property Trust by 86.5% in the 1st 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 period. Northern Trust Corp lifted its stake in Essex Property Trust by 6.1% in the 3rd quarter. Northern Trust Corp now owns 978,639 shares of the real estate investment trust’s stock valued at $207,560,000 after purchasing an additional 55,903 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Essex Property Trust by 9.4% during the third quarter. American Century Companies Inc. now owns 828,191 shares of the real estate investment trust’s stock worth $175,651,000 after purchasing an additional 71,359 shares during the period. Institutional investors and hedge funds 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.