Essex Property Trust (NYSE:ESS) Issues FY 2022 Earnings Guidance

Essex Property Trust (NYSE:ESSGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $14.35-$14.55 for the period. The company issued revenue guidance of -. Essex Property Trust also updated its Q3 2022 guidance to $3.60-$3.70 EPS.

Essex Property Trust Trading Up 0.3 %

Shares of ESS stock opened at $278.75 on Friday. The company’s 50-day moving average price is $269.28 and its 200-day moving average price is $307.14. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.00. The stock has a market cap of $18.15 billion, a price-to-earnings ratio of 47.17, a PEG ratio of 3.19 and a beta of 0.77. Essex Property Trust has a twelve month low of $250.62 and a twelve month high of $363.36.

Essex Property Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a dividend of $2.20 per share. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $8.80 annualized dividend and a dividend yield of 3.16%. Essex Property Trust’s payout ratio is 148.90%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. KeyCorp decreased their target price on shares of Essex Property Trust from $371.00 to $314.00 and set an overweight rating on the stock in a research report on Tuesday, June 28th. Scotiabank cut their price target on shares of Essex Property Trust from $340.00 to $333.00 in a research note on Thursday, May 19th. Piper Sandler cut their price target on shares of Essex Property Trust from $340.00 to $320.00 and set an overweight rating on the stock in a research note on Wednesday, July 20th. Truist Financial cut their price target on shares of Essex Property Trust from $323.00 to $299.00 and set a buy rating on the stock in a research note on Friday, June 24th. Finally, Evercore ISI set a $333.00 price target on shares of Essex Property Trust in a research note on Monday, June 20th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $312.82.

Hedge Funds Weigh In On Essex Property Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESS. Lazard Asset Management LLC boosted its holdings in shares of Essex Property Trust by 25.3% in the first quarter. Lazard Asset Management LLC now owns 243 shares of the real estate investment trust’s stock valued at $83,000 after acquiring an additional 49 shares during the period. Wetherby Asset Management Inc. lifted its holdings in shares of Essex Property Trust by 7.6% during the first quarter. Wetherby Asset Management Inc. now owns 635 shares of the real estate investment trust’s stock worth $219,000 after purchasing an additional 45 shares during the period. Lumature Wealth Partners LLC acquired a new stake in shares of Essex Property Trust during the first quarter worth $240,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Essex Property Trust during the first quarter worth $276,000. Finally, Toroso Investments LLC lifted its holdings in shares of Essex Property Trust by 56.2% during the first quarter. Toroso Investments LLC now owns 1,218 shares of the real estate investment trust’s stock worth $421,000 after purchasing an additional 438 shares during the period. 96.09% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

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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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

See Also

Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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