Q3 2024 EPS Estimates for Essex Property Trust, Inc. Lifted by Zacks Research (NYSE:ESS)

Essex Property Trust, Inc. (NYSE:ESS) – Equities researchers at Zacks Research upped their Q3 2024 EPS estimates for Essex Property Trust in a report issued on Monday, April 15th. Zacks Research analyst R. Department now anticipates that the real estate investment trust will post earnings per share of $3.74 for the quarter, up from their prior estimate of $3.73. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.11 per share. Zacks Research also issued estimates for Essex Property Trust’s Q4 2024 earnings at $3.76 EPS, FY2024 earnings at $14.98 EPS, Q1 2025 earnings at $3.76 EPS, Q2 2025 earnings at $3.79 EPS, Q3 2025 earnings at $3.88 EPS, Q4 2025 earnings at $3.95 EPS and FY2025 earnings at $15.38 EPS.

A number of other analysts have also issued reports on ESS. Morgan Stanley raised their target price on shares of Essex Property Trust from $227.00 to $230.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Jefferies Financial Group upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and lifted their price target for the company from $215.00 to $281.00 in a report on Tuesday, January 2nd. Mizuho upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and decreased their price target for the company from $255.00 to $250.00 in a report on Wednesday, February 28th. Stifel Nicolaus decreased their price target on shares of Essex Property Trust from $225.00 to $223.00 and set a “hold” rating on the stock in a report on Wednesday, February 7th. Finally, Bank of America raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and raised their target price for the company from $250.00 to $275.00 in a research note on Monday, April 1st. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Essex Property Trust currently has a consensus rating of “Hold” and an average target price of $245.37.

Essex Property Trust Stock Down 0.0 %

Shares of NYSE ESS opened at $232.65 on Wednesday. Essex Property Trust has a 1 year low of $203.85 and a 1 year high of $252.85. The firm’s 50 day moving average price is $237.20 and its 200 day moving average price is $230.48. The firm has a market cap of $14.94 billion, a P/E ratio of 36.87, a price-to-earnings-growth ratio of 3.48 and a beta of 0.80. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26.

Essex Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a $2.45 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $9.80 annualized dividend and a dividend yield of 4.21%. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s payout ratio is presently 155.31%.

Institutional Investors Weigh In On Essex Property Trust

Hedge funds and other institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC boosted its holdings in shares of Essex Property Trust by 100.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 120 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 60 shares during the period. Clear Street Markets LLC acquired a new position in shares of Essex Property Trust in the 4th quarter valued at about $25,000. Lindbrook Capital LLC boosted its holdings in shares of Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 58 shares during the period. Pacific Center for Financial Services acquired a new position in shares of Essex Property Trust in the 1st quarter valued at about $30,000. Finally, Advisory Services Network LLC acquired a new position in shares of Essex Property Trust in the 1st quarter valued at about $32,000. 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.