Wedbush Predicts Higher Earnings for Essex Property Trust

Essex Property Trust, Inc. (NYSE:ESS) – Research analysts at Wedbush lifted their FY2024 earnings estimates for shares of Essex Property Trust in a research note issued to investors on Wednesday, November 6th. Wedbush analyst R. Anderson now expects that the real estate investment trust will post earnings per share of $15.60 for the year, up from their prior forecast of $15.56. Wedbush has a “Neutral” rating and a $301.00 price target on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.56 per share. Wedbush also issued estimates for Essex Property Trust’s Q4 2024 earnings at $3.92 EPS.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). The firm had revenue of $450.70 million during the quarter, compared to analysts’ expectations of $445.88 million. Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. During the same quarter in the previous year, the firm posted $3.78 EPS.

Other equities research analysts have also recently issued research reports about the stock. Truist Financial upped their price target on shares of Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Royal Bank of Canada upped their price objective on Essex Property Trust from $284.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Piper Sandler lifted their target price on Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Raymond James lowered shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Finally, UBS Group increased their target price on shares of Essex Property Trust from $261.00 to $283.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $293.40.

Essex Property Trust Stock Up 0.9 %

NYSE:ESS opened at $296.54 on Thursday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.14 and a quick ratio of 1.14. The firm has a market cap of $19.06 billion, a PE ratio of 34.64, a price-to-earnings-growth ratio of 5.07 and a beta of 0.88. The company has a 50-day moving average of $297.44 and a 200 day moving average of $280.77. Essex Property Trust has a 1-year low of $204.64 and a 1-year high of $317.73.

Institutional Investors Weigh In On Essex Property Trust

Large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Essex Property Trust by 8.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,832,845 shares of the real estate investment trust’s stock worth $448,701,000 after acquiring an additional 147,130 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Essex Property Trust by 2.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,145,569 shares of the real estate investment trust’s stock valued at $311,824,000 after purchasing an additional 27,570 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Essex Property Trust by 0.4% in the second quarter. Daiwa Securities Group Inc. now owns 1,001,769 shares of the real estate investment trust’s stock valued at $272,682,000 after purchasing an additional 3,977 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Essex Property Trust by 1.4% during the second quarter. Dimensional Fund Advisors LP now owns 941,501 shares of the real estate investment trust’s stock worth $256,280,000 after buying an additional 12,822 shares in the last quarter. Finally, Boston Partners boosted its stake in 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 worth $182,185,000 after buying an additional 23,673 shares during the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Essex Property Trust

In other news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $300.00, for a total transaction of $735,900.00. Following the sale, the director now directly owns 2,585 shares of the company’s stock, valued at $775,500. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the transaction, the director now owns 2,585 shares in the company, valued at $775,500. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Amal M. Johnson sold 7,298 shares of Essex Property Trust stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the completion of the sale, the director now directly owns 2,585 shares in the company, valued at $817,661.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,402 shares of company stock valued at $6,399,663. 3.90% of the stock is owned by company insiders.

Essex Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a yield of 3.30%. The ex-dividend date was Monday, September 30th. Essex Property Trust’s dividend payout ratio (DPR) is 114.49%.

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.