Essex Property Trust (NYSE:ESS) Releases Q2 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 3.770-3.890 for the period, compared to the consensus estimate of 3.810. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2024 guidance to 15.030-15.430 EPS.

Essex Property Trust Stock Performance

ESS traded down $1.77 during trading on Tuesday, reaching $246.25. The company’s stock had a trading volume of 595,044 shares, compared to its average volume of 400,699. Essex Property Trust has a 52-week low of $203.85 and a 52-week high of $252.85. The company’s fifty day moving average price is $239.32 and its 200-day moving average price is $232.35. The company has a market capitalization of $15.81 billion, a price-to-earnings ratio of 39.03, a price-to-earnings-growth ratio of 3.65 and a beta of 0.80. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26.

Essex Property Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s payout ratio is currently 155.31%.

Analyst Ratings Changes

ESS has been the topic of a number of analyst reports. Wedbush reaffirmed a neutral rating and issued a $240.00 price objective on shares of Essex Property Trust in a report on Monday. Truist Financial reduced their price target on shares of Essex Property Trust from $259.00 to $255.00 and set a hold rating for the company in a research report on Tuesday, April 9th. Bank of America upgraded shares of Essex Property Trust from a neutral rating to a buy rating and lifted their price target for the company from $250.00 to $275.00 in a research report on Monday, April 1st. Mizuho upgraded shares of Essex Property Trust from a neutral rating to a buy rating and reduced their price target for the company from $255.00 to $250.00 in a research report on Wednesday, February 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Essex Property Trust in a research report on Tuesday, January 30th. They set a hold rating and a $240.00 price target for the company. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Essex Property Trust presently has a consensus rating of Hold and a consensus price target of $246.16.

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.