Essex Property Trust, Inc. (NYSE:ESS – Free Report) – Research analysts at Zacks Research reduced their Q2 2024 earnings per share (EPS) estimates for Essex Property Trust in a report released on Tuesday, February 27th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will post earnings per share of $3.75 for the quarter, down from their prior estimate of $3.80. 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 Q3 2024 earnings at $3.73 EPS, Q4 2024 earnings at $3.75 EPS, FY2024 earnings at $14.95 EPS, Q1 2025 earnings at $3.74 EPS, Q2 2025 earnings at $3.78 EPS, Q3 2025 earnings at $3.87 EPS, Q4 2025 earnings at $3.93 EPS, FY2025 earnings at $15.32 EPS and FY2026 earnings at $16.34 EPS.
Other analysts have also issued reports about the stock. StockNews.com lowered shares of Essex Property Trust from a “hold” rating to a “sell” rating in a report on Tuesday. Mizuho upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and lowered their target price for the company from $255.00 to $250.00 in a report on Wednesday. Deutsche Bank Aktiengesellschaft started 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. Morgan Stanley raised their price target on shares of Essex Property Trust from $227.00 to $230.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Jefferies Financial Group raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and raised their price target for the company from $215.00 to $281.00 in a research report on Tuesday, January 2nd. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Essex Property Trust has a consensus rating of “Hold” and a consensus target price of $242.39.
View Our Latest Stock Analysis on ESS
Essex Property Trust Stock Up 0.8 %
Shares of NYSE:ESS opened at $229.63 on Wednesday. The stock’s 50-day moving average price is $238.63 and its 200-day moving average price is $227.82. Essex Property Trust has a 12-month low of $195.03 and a 12-month high of $252.85. The stock has a market capitalization of $14.74 billion, a P/E ratio of 36.39, a price-to-earnings-growth ratio of 2.86 and a beta of 0.80. The company has a current ratio of 3.26, a quick ratio of 2.63 and a debt-to-equity ratio of 1.11.
Essex Property Trust Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 29th will be paid a dividend of $2.45 per share. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. The ex-dividend date is Wednesday, March 27th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 4.27%. Essex Property Trust’s payout ratio is 155.31%.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of ESS. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Essex Property Trust by 24.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,261 shares of the real estate investment trust’s stock valued at $781,000 after buying an additional 450 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Essex Property Trust by 1.2% during the 1st quarter. Allianz Asset Management GmbH now owns 88,915 shares of the real estate investment trust’s stock valued at $30,718,000 after buying an additional 1,050 shares in the last quarter. Prudential PLC purchased a new position in shares of Essex Property Trust during the 1st quarter valued at $475,000. Vanguard Group Inc. lifted its stake in shares of 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. Finally, Baird Financial Group Inc. lifted its stake in shares of Essex Property Trust by 3.6% during the 1st quarter. Baird Financial Group Inc. now owns 53,635 shares of the real estate investment trust’s stock valued at $18,530,000 after buying an additional 1,847 shares in the last quarter. Hedge funds and other institutional investors own 92.93% 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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