What is Zacks Research’s Estimate for ESS FY2024 Earnings?

Essex Property Trust, Inc. (NYSE:ESS) – Research analysts at Zacks Research raised their FY2024 EPS estimates for Essex Property Trust in a note issued to investors on Tuesday, November 19th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will post earnings of $15.55 per share for the year, up from their prior forecast of $15.46. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.56 per share. Zacks Research also issued estimates for Essex Property Trust’s Q4 2024 earnings at $3.87 EPS, Q1 2025 earnings at $3.89 EPS and Q2 2025 earnings at $3.98 EPS.

Several other equities analysts have also commented on 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. The Goldman Sachs Group started coverage on shares of Essex Property Trust in a report on Wednesday, September 4th. They set a “neutral” rating and a $318.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Evercore ISI upped their target price on Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, BNP Paribas initiated coverage on Essex Property Trust in a research report on Wednesday, September 11th. They set an “outperform” rating and a $333.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $297.00.

Essex Property Trust Stock Performance

Shares of ESS stock opened at $304.54 on Thursday. Essex Property Trust has a one year low of $210.36 and a one year high of $317.73. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14. The company has a 50 day moving average price of $297.34 and a 200 day moving average price of $284.82. The firm has a market capitalization of $19.57 billion, a price-to-earnings ratio of 35.58, a price-to-earnings-growth ratio of 5.94 and a beta of 0.88.

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

Essex Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $2.45 dividend. This represents a $9.80 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust’s dividend payout ratio (DPR) is 114.49%.

Insider Buying and Selling

In other news, CEO Angela L. Kleiman sold 8,080 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $315.10, for a total value of $2,546,008.00. Following the sale, the chief executive officer now owns 9,494 shares of the company’s stock, valued at approximately $2,991,559.40. The trade was a 45.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amal M. Johnson sold 2,453 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $300.00, for a total value of $735,900.00. Following the completion of the sale, the director now directly owns 2,585 shares in the company, valued at $775,500. This represents a 48.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,402 shares of company stock valued at $6,399,663. Insiders own 3.80% of the company’s stock.

Institutional Trading of Essex Property Trust

A number of hedge funds and other institutional investors have recently modified their holdings of ESS. Continuum Advisory LLC grew its holdings in shares of Essex Property Trust by 214.3% in the 2nd quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 75 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Essex Property Trust by 600.0% during the second quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 96 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Essex Property Trust by 2,400.0% during the third quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 96 shares in the last quarter. Family Firm Inc. purchased a new position in shares of Essex Property Trust during the second quarter valued at $31,000. Finally, Brooklyn Investment Group purchased a new position in shares of Essex Property Trust during the third quarter valued at $39,000. Institutional investors own 96.51% of the company’s stock.

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.