Essex Property Trust (NYSE:ESS) Updates FY 2024 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 15.030-15.430 for the period, compared to the consensus estimate of 15.150. The company issued revenue guidance of -. Essex Property Trust also updated its FY24 guidance to $15.03-$15.43 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wedbush reiterated a neutral rating and issued a $240.00 price objective on shares of Essex Property Trust in a research report on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on Essex Property Trust in a research report on Tuesday, January 30th. They issued a hold rating and a $240.00 price objective on the stock. Raymond James upgraded Essex Property Trust from a market perform rating to an outperform rating and set a $265.00 price objective on the stock in a research report on Monday, March 18th. Jefferies Financial Group upgraded Essex Property Trust from a hold rating to a buy rating and increased their price objective for the stock from $215.00 to $281.00 in a research report on Tuesday, January 2nd. Finally, The Goldman Sachs Group restated a sell rating and set a $227.00 price target on shares of Essex Property Trust in a research report on Thursday, February 22nd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $246.16.

Essex Property Trust Trading Down 0.7 %

Shares of NYSE ESS traded down $1.77 during trading hours on Tuesday, hitting $246.25. The company’s stock had a trading volume of 595,044 shares, compared to its average volume of 400,699. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26. The stock has a market cap of $15.81 billion, a price-to-earnings ratio of 39.03, a P/E/G ratio of 3.65 and a beta of 0.80. Essex Property Trust has a 12 month low of $203.85 and a 12 month high of $252.85. The business has a 50-day simple moving average of $239.32 and a 200-day simple moving average of $232.35.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a $2.45 dividend. The ex-dividend date was Wednesday, March 27th. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 annualized dividend and a dividend yield of 3.98%. Essex Property Trust’s dividend payout ratio (DPR) 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.