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

Essex Property Trust, Inc. (NYSE:ESS) – Stock analysts at Zacks Research boosted their FY2024 EPS estimates for shares of Essex Property Trust in a note issued to investors on Tuesday, November 19th. Zacks Research analyst R. Department now anticipates that the real estate investment trust will post earnings per share of $15.55 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.

A number of other equities analysts have also commented on the stock. Bank of America lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and lifted their price target for the company from $307.00 to $321.00 in a research report on Tuesday, September 24th. Wells Fargo & Company lifted their target price on shares of Essex Property Trust from $269.00 to $314.00 and gave the stock an “equal weight” rating in a report on Monday, August 26th. Deutsche Bank Aktiengesellschaft raised their price target on Essex Property Trust from $240.00 to $308.00 and gave the company a “hold” rating in a research report on Tuesday, September 10th. Royal Bank of Canada boosted their price objective on Essex Property Trust from $284.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised their target price on Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $297.00.

Essex Property Trust Stock Up 0.4 %

ESS opened at $305.46 on Thursday. The firm has a market cap of $19.63 billion, a P/E ratio of 35.68, a price-to-earnings-growth ratio of 5.94 and a beta of 0.88. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14. The business has a 50 day moving average price of $297.17 and a 200 day moving average price of $285.16. Essex Property Trust has a twelve month low of $210.36 and a twelve month high of $317.73.

Essex Property Trust (NYSE:ESS) last announced its quarterly 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). The company had revenue of $450.70 million during the quarter, compared to analyst estimates of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same period in the prior year, the firm earned $3.78 EPS.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Continuum Advisory LLC increased its position in Essex Property Trust by 214.3% in the 2nd quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 75 shares in the last quarter. UMB Bank n.a. raised its position in Essex Property Trust by 600.0% in the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 96 shares during the last quarter. Assetmark Inc. boosted its position in Essex Property Trust by 2,400.0% in the 3rd quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 96 shares during the last quarter. Family Firm Inc. bought a new position in Essex Property Trust in the 2nd quarter valued at $31,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Essex Property Trust in the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Insiders Place Their Bets

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

Essex Property Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend was Monday, September 30th. Essex Property Trust’s dividend payout ratio (DPR) is 114.49%.

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.