FY2024 EPS Estimates for Essex Property Trust, Inc. (NYSE:ESS) Increased by Analyst

Essex Property Trust, Inc. (NYSE:ESS) – Equities research analysts at Wedbush raised their FY2024 earnings per share (EPS) estimates for shares of Essex Property Trust in a note issued to investors on Monday, May 6th. Wedbush analyst R. Anderson now anticipates that the real estate investment trust will post earnings per share of $15.30 for the year, up from their previous forecast of $14.84. Wedbush has a “Neutral” rating and a $264.00 price target on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.21 per share.

Several other research analysts have also weighed in on the company. Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $255.00 to $250.00 in a research report on Wednesday, February 28th. Stifel Nicolaus lifted their price objective on Essex Property Trust from $239.50 to $243.50 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. The Goldman Sachs Group reissued a “sell” rating and issued a $227.00 price objective on shares of Essex Property Trust in a research report on Thursday, February 22nd. 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 for the company. Finally, Morgan Stanley lifted their price objective on 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. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $249.76.

Essex Property Trust Stock Down 1.2 %

Shares of NYSE:ESS opened at $254.50 on Wednesday. The firm has a market cap of $16.34 billion, a P/E ratio of 31.11, a P/E/G ratio of 3.67 and a beta of 0.79. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14. Essex Property Trust has a 12-month low of $203.85 and a 12-month high of $258.06. The business has a fifty day simple moving average of $241.53 and a 200 day simple moving average of $233.61.

Essex Property Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a dividend of $2.45 per share. The ex-dividend date was Wednesday, March 27th. This represents a $9.80 dividend on an annualized basis and a yield of 3.85%. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s payout ratio is 119.80%.

Hedge Funds Weigh In On Essex Property Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. Cornercap Investment Counsel Inc. increased its position in shares of Essex Property Trust by 2.4% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 1,913 shares of the real estate investment trust’s stock valued at $474,000 after acquiring an additional 45 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in shares of Essex Property Trust by 1.8% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 2,552 shares of the real estate investment trust’s stock valued at $633,000 after purchasing an additional 45 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Essex Property Trust by 2.8% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,866 shares of the real estate investment trust’s stock worth $463,000 after purchasing an additional 51 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Essex Property Trust by 10.3% in the 1st quarter. GAMMA Investing LLC now owns 591 shares of the real estate investment trust’s stock worth $145,000 after buying an additional 55 shares during the last quarter. Finally, Czech National Bank grew its position in Essex Property Trust by 0.5% during the first quarter. Czech National Bank now owns 11,296 shares of the real estate investment trust’s stock valued at $2,765,000 after buying an additional 55 shares during the period. Hedge funds and other institutional investors own 96.51% of the company’s stock.

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.