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

Essex Property Trust, Inc. (NYSE:ESS) – Analysts at Zacks Research raised their Q3 2024 earnings estimates for Essex Property Trust in a note issued to investors on Monday, April 15th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will earn $3.74 per share for the quarter, up from their prior forecast 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.

Other equities analysts also recently issued research reports about the stock. Piper Sandler restated an “overweight” rating and set a $291.00 price objective on shares of Essex Property Trust in a report on Tuesday, March 26th. Raymond James upgraded shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price target on the stock in a report on Monday, March 18th. Barclays increased their price target on shares of Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a report on Tuesday, February 20th. StockNews.com downgraded shares of Essex Property Trust from a “hold” rating to a “sell” rating in a report on Saturday, April 13th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Essex Property Trust in a research note on Tuesday, January 30th. They set a “hold” rating and a $240.00 price objective on the stock. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $245.37.

Essex Property Trust Stock Performance

ESS stock opened at $232.65 on Wednesday. Essex Property Trust has a one year low of $203.85 and a one year high of $252.85. 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 firm has a market cap of $14.94 billion, a price-to-earnings ratio of 36.87, a PEG ratio of 3.48 and a beta of 0.80. The firm has a 50-day simple moving average of $237.20 and a two-hundred day simple moving average of $230.48.

Essex Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a $2.45 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $9.80 dividend on an annualized basis and a yield of 4.21%. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio (DPR) is presently 155.31%.

Institutional Trading of Essex Property Trust

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Essex Property Trust in the 4th quarter valued at about $675,183,000. State Street Corp grew its position in Essex Property Trust by 15.0% in the 1st quarter. State Street Corp now owns 6,712,755 shares of the real estate investment trust’s stock valued at $1,419,056,000 after acquiring an additional 874,625 shares in the last quarter. Cohen & Steers Inc. grew its position in Essex Property Trust by 31.2% in the 4th quarter. Cohen & Steers Inc. now owns 3,072,004 shares of the real estate investment trust’s stock valued at $761,760,000 after acquiring an additional 730,141 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Essex Property Trust by 213.0% in the 4th quarter. Millennium Management LLC now owns 888,858 shares of the real estate investment trust’s stock valued at $188,367,000 after buying an additional 604,863 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Essex Property Trust by 201.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 534,964 shares of the real estate investment trust’s stock valued at $132,639,000 after buying an additional 357,268 shares during the period. 96.51% of the stock is owned by institutional investors and hedge funds.

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.