Zacks Research Weighs in on Essex Property Trust, Inc.’s Q3 2024 Earnings (NYSE:ESS)

Essex Property Trust, Inc. (NYSE:ESS) – Research analysts at Zacks Research increased their Q3 2024 EPS estimates for shares of Essex Property Trust in a research note issued on Monday, April 15th. Zacks Research analyst R. Department now expects that the real estate investment trust will post earnings per share of $3.74 for the quarter, up from their previous forecast of $3.73. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.11 per share. Zacks Research also issued estimates for Essex Property Trust’s Q4 2024 earnings at $3.76 EPS, FY2024 earnings at $14.98 EPS, Q1 2025 earnings at $3.76 EPS, Q2 2025 earnings at $3.79 EPS, Q3 2025 earnings at $3.88 EPS, Q4 2025 earnings at $3.95 EPS and FY2025 earnings at $15.38 EPS.

A number of other equities analysts also recently issued reports on ESS. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Essex Property Trust in a report on Tuesday, January 30th. They set a “hold” rating and a $240.00 price objective on the stock. Barclays lifted their target price on Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 20th. Royal Bank of Canada lifted their target price on Essex Property Trust from $237.00 to $239.00 and gave the stock an “outperform” rating in a research note on Thursday, February 8th. The Goldman Sachs Group reiterated a “sell” rating and set a $227.00 target price on shares of Essex Property Trust in a research note on Thursday, February 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $291.00 price objective on shares of Essex Property Trust in a research note on Tuesday, March 26th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $245.37.

Essex Property Trust Stock Down 0.0 %

NYSE ESS traded down $0.05 during mid-day trading on Wednesday, hitting $232.65. The company’s stock had a trading volume of 342,553 shares, compared to its average volume of 398,653. The company’s 50 day simple moving average is $237.12 and its 200 day simple moving average is $230.47. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $252.85. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $14.94 billion, a price-to-earnings ratio of 36.87, a PEG ratio of 3.48 and a beta of 0.80.

Essex Property Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a dividend of $2.45 per share. The ex-dividend date was Wednesday, March 27th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 dividend on an annualized basis and a yield of 4.21%. Essex Property Trust’s payout ratio is 155.31%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Essex Property Trust by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock valued at $3,667,195,000 after buying an additional 184,047 shares in the last quarter. State Street Corp grew its stake in Essex Property Trust by 15.0% during the 1st quarter. State Street Corp now owns 6,712,755 shares of the real estate investment trust’s stock valued at $1,419,056,000 after purchasing an additional 874,625 shares during the last quarter. Cohen & Steers Inc. grew its stake in Essex Property Trust by 31.2% during the 4th 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 purchased a new stake in Essex Property Trust during the 4th quarter valued at about $675,183,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Essex Property Trust by 10.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,685,715 shares of the real estate investment trust’s stock valued at $417,959,000 after purchasing an additional 162,809 shares during the last quarter. 96.51% of the stock is owned by institutional investors.

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.