Essex Property Trust (NYSE:ESS – Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $15.03-$15.43 for the period, compared to the consensus estimate of $15.17. Essex Property Trust also updated its FY 2024 guidance to 15.030-15.430 EPS.
Wall Street Analyst Weigh In
ESS has been the topic of a number of analyst reports. The Goldman Sachs Group reaffirmed a sell rating and issued a $227.00 price objective on shares of Essex Property Trust in a research note on Thursday, February 22nd. Barclays increased their price target on Essex Property Trust from $224.00 to $225.00 and gave the stock an underweight rating in a report on Tuesday, February 20th. Jefferies Financial Group raised Essex Property Trust from a hold rating to a buy rating and boosted their price objective for the company from $215.00 to $281.00 in a research note on Tuesday, January 2nd. StockNews.com cut Essex Property Trust from a hold rating to a sell rating in a research note on Saturday, April 13th. Finally, Mizuho upgraded Essex Property Trust from a neutral rating to a buy rating and lowered their target price for the stock from $255.00 to $250.00 in a report on Wednesday, February 28th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Essex Property Trust has an average rating of Hold and an average price target of $246.16.
Check Out Our Latest Stock Analysis on Essex Property Trust
Essex Property Trust Stock Down 0.7 %
Essex Property Trust Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.98%. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. The ex-dividend date was Wednesday, March 27th. Essex Property Trust’s payout ratio is presently 155.31%.
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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