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

Essex Property Trust, Inc. (NYSE:ESS) – Equities researchers at Zacks Research boosted their FY2024 earnings per share estimates for Essex Property Trust in a research report issued to clients and investors on Tuesday, November 19th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will earn $15.55 per share for the year, up from their prior estimate 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 research firms also recently weighed in on ESS. Royal Bank of Canada boosted their target price on Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Piper Sandler boosted their price objective on shares of Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. Stifel Nicolaus raised their target price on shares of Essex Property Trust from $267.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Evercore ISI lifted their price target on shares of Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Finally, Bank of America lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $307.00 to $321.00 in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $297.00.

Essex Property Trust Trading Down 0.4 %

Shares of NYSE ESS opened at $300.59 on Thursday. Essex Property Trust has a 1-year low of $210.36 and a 1-year high of $317.73. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.14 and a quick ratio of 1.14. The business’s 50 day moving average is $297.44 and its two-hundred day moving average is $284.68. The stock has a market capitalization of $19.32 billion, a P/E ratio of 35.12, a PEG ratio of 5.94 and a beta of 0.88.

Essex Property Trust (NYSE:ESS) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $450.70 million during the quarter, compared to the consensus estimate of $445.88 million. During the same quarter last year, the firm earned $3.78 earnings per share.

Essex Property Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $2.45 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.26%. Essex Property Trust’s dividend payout ratio is presently 114.49%.

Insider Activity at Essex Property Trust

In other Essex Property Trust news, CAO Anne Morrison sold 2,571 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $314.79, for a total transaction of $809,325.09. Following the completion of the sale, the chief accounting officer now directly owns 2,321 shares of the company’s stock, valued at approximately $730,627.59. This represents a 52.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the transaction, the director now directly owns 2,585 shares in the company, valued at approximately $775,500. The trade was a 48.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,402 shares of company stock valued at $6,399,663 over the last ninety days. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its stake in shares of Essex Property Trust by 8.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,832,845 shares of the real estate investment trust’s stock worth $448,701,000 after acquiring an additional 147,130 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Essex Property Trust by 1.5% in the third quarter. Geode Capital Management LLC now owns 1,726,072 shares of the real estate investment trust’s stock worth $508,381,000 after buying an additional 25,591 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Essex Property Trust by 16.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,329,516 shares of the real estate investment trust’s stock worth $392,766,000 after buying an additional 183,947 shares during the period. Daiwa Securities Group Inc. grew its holdings in shares of Essex Property Trust by 0.4% during the second quarter. Daiwa Securities Group Inc. now owns 1,001,769 shares of the real estate investment trust’s stock valued at $272,682,000 after buying an additional 3,977 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Essex Property Trust by 1.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 941,501 shares of the real estate investment trust’s stock valued at $256,280,000 after acquiring an additional 12,822 shares during the period. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

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.