Research Analysts Set Expectations for Essex Property Trust, Inc.’s Q1 2024 Earnings (NYSE:ESS)

Essex Property Trust, Inc. (NYSE:ESSFree Report) – Research analysts at Wedbush issued their Q1 2024 earnings estimates for shares of Essex Property Trust in a research report issued on Monday, February 12th. Wedbush analyst R. Anderson anticipates that the real estate investment trust will post earnings of $3.73 per share for the quarter. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.16 per share. Wedbush also issued estimates for Essex Property Trust’s Q2 2024 earnings at $3.72 EPS, Q3 2024 earnings at $3.69 EPS, Q4 2024 earnings at $3.69 EPS, FY2024 earnings at $14.84 EPS and FY2025 earnings at $15.54 EPS.

Other analysts also recently issued reports about the stock. Stifel Nicolaus cut their target price on shares of Essex Property Trust from $225.00 to $223.00 and set a “hold” rating on the stock in a research note on Wednesday, February 7th. Truist Financial upped their price target on shares of Essex Property Trust from $260.00 to $276.00 and gave the stock a “hold” rating in a research note on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Essex Property Trust in a research note on Tuesday, January 30th. They issued a “hold” rating and a $240.00 price target on the stock. Mizuho upped their price target on shares of Essex Property Trust from $232.00 to $256.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Finally, Royal Bank of Canada upped their price target on shares of Essex Property Trust from $237.00 to $239.00 and gave the stock an “outperform” rating in a research note on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $244.41.

View Our Latest Research Report on ESS

Essex Property Trust Price Performance

Shares of NYSE:ESS opened at $230.78 on Tuesday. The company’s fifty day moving average is $239.56 and its two-hundred day moving average is $228.76. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt-to-equity ratio of 1.11. Essex Property Trust has a 12-month low of $195.03 and a 12-month high of $252.85. The company has a market cap of $14.81 billion, a P/E ratio of 36.57, a price-to-earnings-growth ratio of 2.65 and a beta of 0.80.

Essex Property Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Tuesday, January 2nd were given a $2.31 dividend. This represents a $9.24 annualized dividend and a dividend yield of 4.00%. The ex-dividend date was Friday, December 29th. Essex Property Trust’s dividend payout ratio is currently 146.43%.

Institutional Investors Weigh In On Essex Property Trust

Several hedge funds and other institutional investors have recently made changes to their positions in ESS. Norges Bank acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at about $675,183,000. Cohen & Steers Inc. grew its position in shares of Essex Property Trust by 112.4% in the second quarter. Cohen & Steers Inc. now owns 2,175,976 shares of the real estate investment trust’s stock valued at $509,808,000 after purchasing an additional 1,151,338 shares during the last quarter. State Street Corp grew its position in shares of Essex Property Trust by 15.0% in the first 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 purchasing an additional 874,625 shares during the last quarter. Millennium Management LLC grew its position in shares of Essex Property Trust by 213.0% in the fourth quarter. Millennium Management LLC now owns 888,858 shares of the real estate investment trust’s stock valued at $188,367,000 after purchasing an additional 604,863 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in shares of Essex Property Trust by 201.1% in the fourth quarter. Daiwa Securities Group Inc. now owns 534,964 shares of the real estate investment trust’s stock valued at $132,639,000 after purchasing an additional 357,268 shares during the last quarter. 92.93% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

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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.

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Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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